V7.3.4 New install in VS2015 in an empty web app with no MVC stuff added using NuGet. I just do a build and then run without debug. Have tried this install several times and get the following error each time which isn't very helpful.

Server Error in '/' Application.

Value cannot be null.
Parameter name: value

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code. 

Exception Details: System.ArgumentNullException: Value cannot be null.
Parameter name: value

Source Error: 

An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.

Stack Trace: 


[ArgumentNullException: Value cannot be null.
Parameter name: value]
   System.Security.Claims.Claim..ctor(String type, String value, String valueType, String issuer, String originalIssuer, ClaimsIdentity subject, String propertyKey, String propertyValue) +11627195
   Umbraco.Core.Security.UmbracoBackOfficeIdentity.AddUserDataClaims() +1060
   Umbraco.Core.Security.UmbracoBackOfficeIdentity..ctor(FormsAuthenticationTicket ticket) +126
   Umbraco.Web.Security.Identity.FormsAuthenticationSecureDataFormat.Unprotect(String protectedText) +87
   Microsoft.Owin.Security.Cookies.<AuthenticateCoreAsync>d__2.MoveNext() +2151
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.Owin.Security.Infrastructure.<BaseInitializeAsync>d__0.MoveNext() +581
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.Owin.Security.Infrastructure.<Invoke>d__0.MoveNext() +225
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.AspNet.Identity.Owin.<Invoke>d__0.MoveNext() +409
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.AspNet.Identity.Owin.<Invoke>d__0.MoveNext() +409
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.Owin.Host.SystemWeb.IntegratedPipeline.<RunApp>d__5.MoveNext() +187
   System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) +92
   System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) +58
   Microsoft.Owin.Host.SystemWeb.IntegratedPipeline.<DoFinalWork>d__2.MoveNext() +185
   Microsoft.Owin.Host.SystemWeb.IntegratedPipeline.StageAsyncResult.End(IAsyncResult ar) +69
   Microsoft.Owin.Host.SystemWeb.IntegratedPipeline.IntegratedPipelineContext.EndFinalWork(IAsyncResult ar) +64
   System.Web.AsyncEventExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute() +380
   System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously) +155

Version Information: Microsoft .NET Framework Version:4.0.30319; ASP.NET Version:4.6.1038.0

Any pointers would be appreciated.

Thanks,

Craig