12. Given the following:

Market value of land (if vacant): $595,000

Replacement value of existing improvements: $300,000

Reproduction cost of existing improvements: $405,000

Demolition cost: $ 40,000

Accrued Economic Depreciation: $300,000

The property is an old single-family home on a riverfront lot with ocean access. The highest and best use of the property is as a large estate home. Using the above information, what is the property value?