Question-and-Answer Session
Operator
(Operator Instructions) Our first question will come from line of Michael Bilerman of Citi. Please go ahead.
Unidentified Analyst
Hi, it's Josh Adie (ph) with Michael. Could you tell us a little bit more about the land that was impaired in terms of its location and the year it was acquired? And then also kind of tell us about the lends you're keeping and those characteristics for lends are keeping?
Robert Chapman
Yes. Josh, I think you're familiar with our land portfolio, and we really have land on both the office side and the industrial side in all of our markets. And we went through and took a look at all of that land and decided what we really wanted to hold lost term for development and what we didn't.
And the land that we identified for sale is really all over the board. I mean it's in all of our markets. It's for example in a market we have two or three industrial developments. We might have decided to sell one and focus on the other two.
So -- and again, I would say that the land that we've identified for sale has also been acquired again across 10 years plus. So some of its newer lands, some of its older land, a good chunk of it is where we have very small parcels left, we just want to get those parcels move, so we are looking at today's market price, just to clean that up.
Unidentified Analyst
What's the basis of the land that was impaired versus the land that you held?
Robert Chapman
As we said in the remarks, the basis of the land that we evaluated for impairment was about 385 million. So that's the land that we intend to try to move here as quickly as we can. And then the rest of our land that we're going to hold for development, so that is about 400 to 500 million on the wholly owned side and about 200 million on the joint venture side.
Unidentified Analyst
Christie, just walk through the Peachtree impairment relative to, I guess, what you've taken, what you've invested in the venture. At least looking at the supplemental on page 31, 50% interest in 85 million I guess you're partly taking a per vision for future spend, does that not only writing off what you have, but a future amount?
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