- 3 -
property.2 Both properties are three blocks from the Pacific
Ocean.
Mr. Gagnon conceived the idea that he could make some money
by starting a nursery for plants in Long Beach. He obtained a
business license using the name Gull Cottage Nursery. He started
by raising potted tulips and daffodils. Mr. Gagnon believed that
the cost of the bulbs and pots would be approximately $1.47 each,
and he could sell the mature plants in the spring for $4 each to
grocery stores. During 1991, he sold approximately 200 to 300
bulbs. In 1992, he bought bulbs for $3,500 and set out 2,000
pots. During this time he read the Bulb Forcer's Manual by an
unnamed professor at the University of North Carolina, and began
corresponding with the gentleman. Petitioner then determined
that he would have to plant 5,000 pots to make a "maximum
profit". He realized that he could not "handle" 5,000 pots.
Petitioner ceased potting bulbs after 1992.
2 Mr. Gagnon testified that they had approximately $72,000
invested in the Long Beach properties. They paid $40,000 for the
Oregon Street property and made substantial improvements to the
cottage, including new windows and doors, a stove, a
refrigerator, and fencing around the property.
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