Ozz Bar & Supper Club – Buena Park (Eminent Domain)

California Department of Transportation took possession of the property via the Doctrine of Eminent Domain in order to enlarge the 5 Freeway. The State, however, provides Business Owners insufficient consideration for both his 5,000 square foot property, as well as his business value. The Veld Group served as an expert witness for Business Owner’s counsel to establish the property and business value. While the State relied wholly upon the bar’s net income as derived from the tax returns, The Veld Group was able to use its unparalleled database of comparable historical bar and restaurant sales to establish a fair market value despite the profitability reported on the business’s tax returns. The Veld Group helped the Business Owner to obtain a reward on the business value that was substantially more (approx. $500,000) than the fair market value the state insisted on.

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