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<br />-. <br />- AppraisalFirst . <br />. Real Estate Appraisers LLC <br /> <br />8525 NW 53nl Terrace, Suile 110 <br />Miami, Florida 33166 <br />Phone: 305-470-2100 <br />Fax: 305-470-2105 <br />E-mail: residentialfalBDraisalfirst.net <br />E-mail: commercial@BpprBisalfirst.net <br /> <br />September 20, 2011 <br /> <br />GILCO Realty LC <br />c/o Mr. Andrew Richards <br />Vice President of Development - Trump Grande <br />18001 Collins Avenue, 31 st Floor . <br />Sunny Isles Beach, Florida 33160-2722 <br /> <br />Re: The underlying land area of ~e Golden Nugget Hotel located at 18555 Collins <br />Avenue, Sunny Isles Beach, Florida 33160. <br /> <br />Dear Mr. Richards: <br /> <br />As requested, I have prepared the attached summary appraisal report, containing 29 pages <br />plus addenda, of the above referenced property. The purpose of the report was to estimate <br />the "As Is" Market Value of the subject property, (Vacant Land), as a fee simple estate, as <br />of September 9,2011. <br /> <br />" .' <br /> <br />Market Value may be defined as the most probable price which a property should bring in <br />a competitive and open market under all conditions requisite to a fair sale, the buyer and <br />seller, each acting prudently, knowledgeably and assuming the price is not affected by undue <br />stimulus. <br /> <br />The subject property consists of a 2.208 acre or 96,162 square foot site located along the east <br />side ( ocean side) of Collins Avenue, at about 185th Street, lying the incorporated City of <br />Sunny Isles, Beach, Florida. The property is currently improved with a two-story <br />condominium-hotel building that was built in 1956 and contains 120 units. The <br />condominium units and common elements are listed. under a single ownership entity, Gilco <br />Realty LLC. The subject property of this appraisal is the underlying land area. <br />