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owned in Flint at 1388 Bristol Road West. The net area of this
property was 1.87 acres on a rectangular-shaped plot. It had 178
feet of frontage on Bristol Road West, with a 28-foot curb cut.
The retail office plaza was constructed so that its front was
perpendicular to Bristol Road.
Both decedent and his wife established revocable trusts for
their property. Decedent formed his trust on September 30, 1986,
with Michael as the trustee and the residual beneficiary. The
terms of the trust permitted decedent to withdraw all or part of
the principal of the trust upon notice to Michael, as trustee.
Decedent’s wife died on May 24, 1991. At that time, her
revocable trust owned the property on which the Latina restaurant
and the retail/office plaza were located. Appraisals performed
in the process of settling her estate indicated that the
restaurant property was worth $330,000 on December 20, 1991, and
that the retail/office property was worth $500,000 on May 24,
1991.
In February 1992, GM announced plans to close its V-8 engine
plant in Flint, Michigan. The plant employed over 4,000 persons
and was located one-half mile from the Latina restaurant and the
retail/office plaza. The announcement received substantial
coverage in local newspapers.
Around this time, decedent decided to retire on income
produced by his investments and return to Italy. Accordingly, in
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