- 10 -
$2,802,110. Willowbrook had also contracted to purchase the
remaining portion of Fishbranch, but the contract was terminated
in April 1996, because Willowbrook had been unable to obtain
permanent access rights to that portion.
Shortly after the sale of the first portion of Fishbranch,
the cattle, equipment, and vehicles used in the cattle business
were sold. The remaining portion of Fishbranch was finally sold
on January 31, 1997, to O.L. Daniel for a sale price of
$2,700,000. The price paid by O.L. Daniel was approximately $150
less per acre than the price paid by Willowbrook, reflecting the
deterioration in the quality of the land following the removal of
the cattle.
4. Operation of the Cattle Ranch
In 1986, after decedent had become incapacitated, Messrs.
Lanier and Pearce took over the operation of the cattle ranch in
their capacities as cotrustees of the Trust. Mr. Pearce, who has
been in the cattle business all his life, undertook the
responsibility of providing overall direction of the cattle ranch
and of providing guidance to a resident manager in the day-to-day
operations. Mr. Lanier handled the legal and financial matters
relating to the business. From May 17, 1991, the date of
decedent's death, until April 30, 1996, Messrs. Lanier and Pearce
continued to operate the cattle ranch. During that period,
petitioner incurred and paid $2,009,040 in expenses relating to
the operation of the cattle ranch.
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