Hey all,

My in-laws are retiring from their restaurant business and we are starting to help them look over their current assets/liabilities and see what they should probably dump or downsize on. They own a 1 acre lot of land in Lancaster, CA (right across from the General William Fox airfield) that they purchased for $106k back in 2006 and they went in on it with 3 of their friends on it for four way equal ownership AFAIK. We have tried to get them to look into getting rid of it but it doesn't seem like something that would be very desirable. The entire area around the airfield is undeveloped and I have no idea if/when anything will ever pop up there. They are 73 and entering retirement, and to me this looks more like a liability than it does an asset, especially when co-owning it with three other people. 

Any suggestions on what can/should be done here? And on that note, are there any commercial brokers in the Lancaster (CA) area specializing in industrial use lots? It would be good to hook them up with someone who could potentially help them (and even their friends) get out of this. I'm not quite sure what they were thinking buying this land - maybe that it was a potential gold mine while the bubble was on the rise?

The last (and only that we are aware of) communication/interest they have received about this was in 2017 from a commercial RE group who offered $55k for the entire lot of land.