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who were 13 and 17 years old. At that time, petitioner and
Philip were splitting their time between the New York apartment
and an apartment in North Miami Beach, Florida. The New York
apartment was in a building with a doorman and a beautiful lobby.
The Florida apartment was a two-bedroom unit.
In 1982, petitioners bought a condominium (condo) in
Bayside, Queens, New York, because they thought it would be a
better environment in which to raise children. The condo was a
three-bedroom, two-bathroom, nicely furnished unit. One of the
bedrooms was converted into an office for Philip. The condo was
purchased jointly, without a mortgage, for $171,000. The condo
was worth $295,000 and had unpaid liens of $290,000 against it at
the time of trial. During 1984 and 1985, the condo had a similar
value and outstanding liens of $175,000. Petitioners hired an
interior decorator to decorate the condo in 1982 and again in
1985, spending a total of over $50,000.
Petitioners also owned a home on Fire Island, New York.
Philip purchased the land in 1978 and built a three-bedroom house
in 1979, all without a mortgage on the property. That home cost
in the range of $74,000 to $79,000 and had a value of
approximately $200,000 at the time of trial. Philip transferred
the Fire Island property to petitioner, as sole owner, in 1980.
An equity loan and $150,000 mortgage were taken on the Fire
Island house by petitioner in January 1991, and Philip was
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