The Sale of the Stadium Continuing regional development, especially within Alicante's tourism industry, had transformed Cicln's stadium grounds into prime real estate. Thus, on January 1, 2003 Cicln sold their old stadium and its associated real estate to Miguel S.A., a real estate development company, in exchange for a new stadium that Miguel S.A. had already built (construction ended on December 31, 2002) and a cash payment of $100 million. Miguel S.A. had acquired the land for the new stadium earlier for $7 million; the cost of constructing the stadium was an additional $20 million. The $20 million approximates the fair value of the stadium structure. Both the $100 million cash and the stadium were transferred to Cicln on January 1, 2003. At the time the new stadium was transferred to Cicln, the estimated market value of the associated land was $12 million. The book value of Cicln's old stadium and its associated real estate was $1 million. As of January 1, 2003, the expected useful life of the new stadium was 40 1 $5 million gross book value of the stadium less 54 million accumulated depreciation. The team's original purchase price of the stadium's real estate was $1 million. It was included in the $5 million of gross book value. 105-046 Cicln de Alicante years. Under Spanish law the club would be responsible for demolishing the stadium at the end of its useful life. The estimated demolition cost was $5 million.