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Land price, what you think the value is?

Help me with the value of a property, which is land, no structure. Owned in equal share by 2 relatives. Numbers rounded. Land value is $1,000,000 and that is not disputed. Mortgage on the property is $300,000.

One of them wants to sell his share to the other for 500,000. The value split in half

The other wants to pay 350,000. This is the (1,000,000 – 300,000) / 2

What is your view on a correct sale price.

submitted by /u/Dbgb4
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source https://www.reddit.com/r/RealEstate/comments/1lj89oa/land_price_what_you_think_the_value_is/
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