From figures provided by the Ark Park itself. It could over 100 million to build. How did it lose over half of that cost?
Cost to build is only one of several methods of real estate valuation.
Some other methods....
1) Comparable properties, adjusted for different features.
2) Sale price
3) Sale price adjusted for financing incentives/disincentives
4) Economic value
How would you decide which to use?
Let's examine the methods....
#1 wouldn't apply unless there are comparable theme parks.
#2 is inapplicable because there's no sale.
#3 has the same problem as #2.
#4 would examine the value of the property based upon net income of the business there, if it is the highest & best use of the property as configured.
This theme park would be best valued by method #4.
If it were to be sold, it would be the best measure of
value to a potential buyer. And the price paid would
then be the best basis for valuation.
I've had many commercial real estate appraisals done.
I've also fought government valuations, & always won.
My side of these battles involves attorneys, appraisers,
consultants, & research. It's spendy. Government doesn't
put much if any work into valuation. Usually, they just
do automatic increases, or take only a superficial look
at what might get them the most tax revenue.
I don't know what the Ark theme park is worth.
But I do know that such things are always up for dispute.