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In 1987, the decedent suffered a second stroke and her
health worsened. Because the decedent required continuous
care, Mr. Sirmans placed her in a nursing home. From 1987,
until her death, the decedent lived in and out of various
nursing homes. During this period, the decedent's medical
bills approximated $50,000 to $60,000 per year.
As a result of the decedent's living expenses and
escalating medical bills, Mr. Sirmans became concerned
about the decedent's financial security and the liquidity
of her assets. Accordingly, he considered selling the
decedent's 56.5 acres of land. Beginning in 1987 and
continuing through 1989, from time to time he permitted
different brokers to show the property. He did not enter
into a listing agreement with any of the brokers, but he
told them that the asking price for the property was
$625,000, that is, $25,000 per acre for the usable property
of approximately 25 acres. Mr. Sirmans considered the
portion of the subject property that was wetland to have
little or no value.
For property tax year 1988, the tax assessor for
Hillsborough County valued the subject property at
$472,640. The assessed value of the parcel designated
folio 3143 was $362,400, or 76.68 percent of the total, and
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