I just started a new job with the state of Louisiana Tax Commission, and my first assignment has been to prepare for a "possible" appraisal of an high end golf course in North Louisiana. I am no golfer and have never done an appraisal on this kind of facility. I feel like I'm being feed to the wolves so and advice you can provide will be greatly appreciated. Some back ground....The course was built by a local multi-millionaire, ten years ago. It was built in hopes of attracting PGA tournaments ... but to date none have been held there. Residential development around the course is about 15-20%. It is located in an area of rural residential homes, pasture and timber land...no zoning...and its H&BU would likely be continued use as a golf course. The owner feels that he is the highest assessed course in the state, but he has not yet filed a grievance nor has he got his own appraisal...so this assignment is up in the air so to speak. From what I have gathered on AF, the income approach is difficult with no readily available income data and cap rates, there are no sales in Louisiana to speak of, and it would be hard to determine the different types of depreciation associated with this course. What kind of advice can anyone give me?