LAS VEGAS — The Nevada Supreme Court upheld the $48 million award given to a landowner who suffered a per se regulatory taking when the city of Las Vegas reclassified ranch land as allowing for “residential densities” and a golf course. The owner’s efforts to develop the property were rendered futile, and the court did not err in relying on his expert’s valuation to determine compensation, as the city didn’t challenge the valuation or provide its own.
Read the ruling here.
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