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Estimates of land value can vary a lot based on assumption.
For instance,
* the post above how one can arrive at about $5K an acre;
* the link above says if we assume that half of the land is swamp, we can arrive at $10K an acre
* David Einhorn mentions that undeveloped land sold at $2K/acre

Th company ought to break down their land holding by two or three classifications and show how much is in each type. For instance, consider land within 10 miles of the ocean. The land that's less than a mile away is very different on "distance to ocean" compared to land that's 9 miles away. So, JOE might give its shareholders a more detailed breakdown.
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