James D. Schlicher - Page 18

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          [him] was correct."  Given that the petitioner is a credible                
          witness and based on the entire record we find that petitioner              
          used only 7-� of the 51 acres of the Clayton property for                   
               On brief, respondent argued in the alternative that the                
          remaining 43-� acres of the Clayton property not used for                   
          business were held by petitioner for investment.  Respondent                
          contends that the upper, steeply hilled portion of the Clayton              
          property, which is zoned for residential use, could be divided              
          into home sites that petitioner could then sell for a profit.               
          Respondent points to the fact that petitioner had a 280-foot well           
          drilled on one of the home sites for future use as evidence that            
          petitioner held this portion of the Clayton property for                    
          investment.  We disagree.                                                   
               Before building his current residence, petitioner drilled a            
          well on the upper, steeply hilled portion of the land to make               
          sure that he "could hit water."  However, petitioner decided it             
          was more practical to build elsewhere on the site.  Whatever                
          desire petitioner had to build on the upper portion was abandoned           
          when he built his current residence, and remains no more than a             
          vague dream.  Moreover, petitioner enjoys solitude and credibly             
          testified that he did not purchase the Clayton property for                 
          investment purposes, but rather as a place where he could live              
          "the rest of his life," untroubled by close neighbors.                      

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