Lennar just sold a bunch of land to at 50% of book value. Does that mean all of their land holdings are worth 50% of book?

According to the new cash-infused Z-Sscores, Lennar has bought itself an extra year before bankruptcy. Since it appears many home builder investors either don’t know about Lennar’s off balance sheet shenanigan’s or inventory valuation games, or don’t care, they may actually get away with trading at $15 to $20 per share while actually being insolvent. Hey, Enron got away with it at $90 per share, at least for a while.

This guy thinks their land is only 20-35% overpriced on the books.