- 4 -
II. The Barrancos’ Major Financial Expenditures
A. Real Estate Purchases
Beginning before and continuing into the years at issue,
petitioner and Dr. Barranco purchased, with funds provided by Dr.
Barranco, various parcels of Virginia real estate, as follows:2
Date Property Purchased
09/1975 5.024 acres in Woodland Hill Estates
01/1976 Two lakeside lots of undisclosed acreage at
Smith Mountain Lake, for about $35,000
10/1980 9.119 acres in Mountain View Estates
12/1982 5.000 acres in Woodland Hill Estates
07/1983 5.050 acres in Woodland Hill Estates
11/1983 5.020 acres in Woodland Hill Estates
In 1977, the Barrancos built a vacation home on one of the
lakeside lots at Smith Mountain Lake. In 1983, they constructed
their primary residence on one of their Woodland Hill Estates
parcels.3
Initially, the Barrancos held title to all these properties
(both acreage and improvements) as tenants by the entirety. On
April 21, 1986, Dr. Barranco gave petitioner his interest in all
these properties.
Meanwhile, in October 1984, petitioner had purchased in her
own name, with funds that Dr. Barranco had provided, an
additional 100.7 acres of land adjacent to the 29-plus acres they
2 Unless otherwise noted in the chart, the record does not
reveal the cost of these properties.
3 The record is silent as to the Barrancos’ personal
residence before 1983.
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