Don Ballantyne and Susanne C. Ballantyne - Page 4

          unimproved land in Escondido, California, from Balmac (which had            
          purchased the property in the early 1970's).  In connection with            
          petitioner's purchase of the land, petitioner gave Balmac a note            
          which was secured by a trust deed on the property.  The 106 acres           
          so acquired by petitioner included the Escondido property.  In              
          1979, title to the Escondido property was transferred to WTC, as            
          nominee for petitioner, and held for petitioner's  benefit under            
          the terms of Holding Agreement No. 1037 (Holding Agreement).                
          Petitioner used the name "Don McLane"2 in the Holding Agreement and         
          was identified as owner of the Escondido property.  Petitioner paid         
          property taxes and other costs associated with the Escondido                
               The Escondido property was zoned for industrial use.  In order         
          to commercially develop and sell the Escondido property, it had to          
          be mapped and subdivided into smaller parcels.  As developed, the           
          Escondido property was known as Wine Ridge Industrial Park.                 
          Sale to Balmac                                                              
               On November 8, 1984, Balmac and petitioner executed a "Real            
          Estate Purchase Contract and Receipt for Deposit" (the purchase             
          agreement), providing for the purchase of the Escondido property by         
          Balmac from petitioner for $7 million.  Byron P. Halling (Halling),         

               2    Petitioner was raised by his aunt and uncle, whose                
          surname was McLane.  Petitioner used his birth surname of                   
          Ballantyne until age 12.  He then used his aunt and uncle's                 
          surname for approximately 40 years (until the early 1980's) when            
          at the urging of his wife and children he resumed using his birth           

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011