Sandton Agriculture Investments III, LLC v. 4-S Ranch Partners, LLC

FACTS

Plaintiffs and cross-defendants Sandton Credit Solution Master Fund IV, LP and Sandton Agricultural Investments III, LLC, a Delaware limited liability company, are referred to collectively as Sandton in this opinion. Cross-defendant WT Capital Lender Services, a California corporation, is not a party to this appeal; it conducted the foreclosure sale and executed the trustee’s deed upon sale challenged in this case.

2. Defendant and cross-complainant 4-S Ranch Partners, LLC (4-S) is a Delaware limited liability company with its principal place of business in Merced County. Stephen W. Sloan has been the sole managing member of 4-S since its formation in 2013. In 2009, another company owned and operated by Sloan, Merced Falls Ranch, LLC, paid $11.5 million for land consisting of 17 assessed parcels and containing approximately 5,257.46 acres (Land) and related interests. In 2013, 4-S acquired legal title to the Land and related interests. In October 2019, the Land and attached improvements (described as a modest set of corrals) were appraised at $14,985,000. The appraisal was commissioned by Sandton and excluded any subsurface water or mineral rights. The appraisal stated…