- 5 -
C. K-Mart Property
On December 26, 1980, petitioners, Grant Hornbeak, and
others purchased real estate located in Las Vegas, Nevada, for
$605,000 to construct a K-Mart. On May 17, 1982, the property
was transferred to the H & H partnership. On August 10, 1982, a
portion of the property was sold for $239,000. Petitioner
testified that he did not recall whether the proceeds from the
sale were reinvested in the property for improvements. On
September 22, 1983, Grant Hornbeak transferred his interest in
the property to petitioner for $127,500.
Between 1982 and 1984, loans were taken against the property
in the amounts of $670,000, $5,800,000, and $995,000.
In 1985, the property was foreclosed upon. The foreclosure
proceeds totaled $6,606,398.
D. Indio Property
H & H Land Development Corp. purchased the Indio property,
located in Riverside County, California, for $1,590,000. The
purchase price was secured by three deeds of trust. On August 1,
1980, and March 3, 1981, H & H Land Development Corp. recorded
additional deeds of trust in the amounts of $1,227,912 and
$221,000, respectively.
On February 9, 1982, H & H Land Development Corp. sold a
portion of the property for $54,000.
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