Original thoughts about the possible land value of the Hughes Stadium site in Fort Collins seem to be a little high. The site could be worth a lot less than originally thought.

CSU Hughes Stadium Getty Images

Realtors and developers are thinking that the original value estimates at $10 million, even double that with housing price hikes, is well below the actual value.

The Coloradoan is saying that new estimates are more in the range of $4.8 million to $6.4 million.

Due to the location of the property and lack of real retail and restaurant possibilities with limited transportation access, the property is thought to be best used for residential use. Estimates are that the properties would bring in $30,000 to $40,000 an acre.

CSU hasn't made a final decision on what to do with the land, that decision could take a while.