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the estate accepted an additional $975,000 as full
compensation for the property.
The executors determined that to obtain what they felt
was a reasonable sales price for the Channel Land, the
property had to be filled and zoned for multiple family
dwellings. In 1972, the estate requested a zoning
variance. Effective September 1, 1973, pursuant to the
New York Tidal Wetlands Act, N.Y. Envtl. Conserv. Law,
secs. 25.0101 through 25.0601 (McKinney 1997), a portion
of the Channel Land was classified as wetlands, and its
development was prohibited. At the time of these motions,
in a pending State court action, Mr. de St. Aubin's estate
was seeking compensation from the State of New York for the
loss of the development rights for this property. By the
time of these motions, his estate had incurred significant
expenses in connection with the litigation involving the
Malibu Beach property and the Channel Land.
On or about March 31, 1969, by operation of a trust
established by Mr. de St. Aubin's father, 48 percent of
the shares of Vesta Corp. passed to Ms. Lorraine O'Hayer,
Mr. de St. Aubin's sister, and 48 percent passed to
decedent. Each woman received 624 shares of Vesta Corp.
The record supplies no indication of the 1969 value of
these shares. However, based on values used in Mr. de St.
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