The Nevada Supreme Court ruled Thursday that people losing their land following long condemnation battles are entitled not only to the originally deposited cash but any interest it has earned.
The case involved a battle in which the Las Vegas Redevelopment Agency condemned land belonging to Paul and Laurel Moldon. As part of the case, the district court gave the redevelopment agency immediate possession of the land, in return for which the agency deposited the estimated $725,000 value of the property with the court clerk.
The case took several years to resolve, after which a jury valued the property at more than $1.5 million. The parties entered an agreement which gave the Moldons the full value of the condemnation deposit plus other money. The Moldons asked for an order paying them the $725,000 deposit plus any interest earned.
Clark County objected saying the interest earned should go to its general fund " and the district court agreed.
The Supreme Court Thursday ruled that an "unconstitutional taking" since the deposit " and therefore the interest on that deposit " belonged to them.
"The Moldons are entitled to the interest earned on the condemnation deposit because they had a property interest in the condemnation deposit," the opinion concludes.
The high court directed the district court and Clark County to calculate the interest and add it to the amount the Moldons were paid.
- Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.
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