Family Member Demands a Discount to Buy My Partnership Interest

[Burt L.]

I'm in an awkward position with a family member who has offered to buy my 1/12 interest in a partnership that owns underlying real estate appraised 5 months ago. 

My grandather left the property to his 4 kids and 8 grandchildren equally. The 4 kids visit the property once per year and the grandkids almost never visit the property as it doesn't have the same attachment. I have been once in my life at age 12.  The partnership was formed 30 years ago. 

In a sense, myself and my cousins are financing the use of the property by the previous generation. It is in a remote location and the previous generaton would like to keep this  arrangement for as long as they remain. I'm no longer able to travel to it, even if I wanted to. 

I've been offered approximately 60% of the shares value - if I accept the offerors appraisal as the market value. I suspect appraisals can  be somewhat influenced by the person purchasing the appraisal, especially if there is no sales contract involved. 

The family member insists on a lack of marketablily discount, etc. I could see that more easily if it was an arms-length transaction rather than a purchase and sale between family members. There is no mention of discounts either in the appraisal or in the partnership agreement. Quite honestly I find the matter of taking a discount insulting between family members. 

The same family member wants to have the partnership agreement redrafted and needs unanimous approval to do so. I am the only person who has not provided an answer after receiving and decling the 60% offer though the other 11 members are alright with a "restated partnership agreement".

The person making the offer is quite well-off  whereas I am not and also have a sense of being taken advantage of in that respect as well. This family member has paid quite a bit in legal fees so far in anticipation of re-writing the agreement which will be lost if there is no restated partnership agreement. If I were to sell, the rest could then do as they please to redraft th ie agreement. 

So I'm stuck in a PS I don't care to be in, or take what I consider a low-ball offer from a family member.I don't think an Action for Partition would be great as the property is sold on the courthouse steps, so to speak. If I refuse to go along with redrafing the PS agreement, I presume the old agreement continues and I'm still where I am. The PS agreement doesn't specify, but few wise persons outside the PS would want to buy the share at above 60% of value either. The partnership was recorded in my deceased grandfathers state of residence, Connecticut, and the property is in New Brunswick. Its doubtful I'll ever visit it again. 

What might the greater BP community suggest? Its certainly a better community than the PS I'm a part of!