Has it sold?
Since the land has been in the hands of the Levi Strauss family for close to 100 years, it stands to reason it has been covered by Prop 13. The $60 million sale would trigger a re-assessment. If my math is correct, the Town stands to receive an extra $50,000 (approx) per year.
But, if the purchaser sub-divides and redevelops the land, the value could go up considerably. There's probably room for 10 x $10 million Atherton mansions on that parcel. That will drive revenue up even further.
Too bad it wall go to pay for trash collection!