Terry Duane Beall and Joyce Engel Beall - Page 7

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          reported 20 The Point as their mailing address to the California            
          Department of Motor Vehicles.                                               
          15 Sandpiper                                                                
               15 Sandpiper Strand (15 Sandpiper) is located in Coronado,             
          across the channel from 30 The Point and 20 The Point.  15                  
          Sandpiper is a 4,000-square-foot waterfront house with four                 
          bedrooms, three and a half baths, and a 100-foot dock.                      
               After admiring the residence, Terry approached the owner of            
          15 Sandpiper about the property, requesting that he be notified             
          if the property became available for sale.  On September 26,                
          1988, petitioners became aware of the availability of 15                    
          Sandpiper.  At that time, Terry was in Washington, D.C., and he             
          flew back to California immediately and on September 27                     
          negotiated the purchase of 15 Sandpiper.  The next day                      
          petitioners listed 20 The Point for sale.  On October 3, 1988,              
          petitioners executed a Real Estate Purchase Contract and Receipt            
          for Deposit with respect to the purchase of 15 Sandpiper.  On               
          this document petitioners listed Mary Street as their address.              
          Because of a prior tax sale in 1988 and difficulties in obtaining           
          title insurance, an agreement was entered on November 18, 1988,             
          so that full defeasible title of 15 Sandpiper could be conveyed             
          to petitioners as trustees of the Beall Family Trust.  The escrow           
          on 15 Sandpiper closed on November 21, 1988.  The purchase price            

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Last modified: May 25, 2011