David A. Demetree - Page 2

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                                  FINDINGS OF FACT                                    
               In 1964, David married Michelle Demetree (Michelle).                   
          Between 1966 and 1973, David and Michelle had four children.                
          During the early 1970s, David, a licensed real estate broker,               
          opened and operated a property management firm, David Demetree              
          Associates - Realtors.                                                      
               David and Michelle separated in 1979.  In order to devote              
          most of his time to contentious divorce proceedings, in 1980                
          David closed his property management firm.  In that year, he also           
          transferred 797 State Road 434 (797 property) to Arthur and Naomi           
          Demetree (Arthur and Naomi), his parents, 205 San Sebastian Court           
          to Walter Pemberton, his friend, and the Brahman Inn to Jeanette            
          Hinkle, his sister.  In 1983, 1984, 1985, 1986, 1987, 1990, and             
          1991, Arthur and Naomi reported rental income relating to the 797           
          property, but in 1988, 1989, and 1992 David received the rental             
          income.  In addition, David made the mortgage payments and                  
          retained the rental income relating to 205 San Sebastian Court              
          until the lender foreclosed on the property.  With respect to the           
          Brahman Inn, Demetree and Associates supervised the collection              
          and deposit of rents, while an onsite manager handled the day-to-           
          day operations (e.g., preparation of monthly summaries,                     
          collection of rents, and payment of expenses).                              
               In 1981, David and Michelle divorced.  The following year              
          David married Deborah.  Deborah had custody of a daughter from a            






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Last modified: May 25, 2011