If you are at or past retirement age, I would suggust doing whatever you can to pass this low basis asset on to your children at a stepped up basis: that is it's value when it's passed to them through inheritence. This eliminates your current bookkeeping nightmare and gets more to your kids since cap gains won't have to be paid. (You don't mention if you and your wife are over 1.2 million in net worth, if not you're fine.) If you need cash, you can borrow on margin against the asset, depending on your risk tolerance. CRT's, Charitable Remainder Trusts are also worth looking at when you are interested in monetizing a low basis asset, especially if you plan to leave any of your estate to charity anyway.

Good luck