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In 1983, the property was foreclosed upon. The foreclosure
proceeds totaled $2,063,113.
E. Cowan Avenue Property
The Cowan Avenue property, located in Irvine, California,
was initially owned by the H & H partnership. On October 19,
1978, petitioners and the Hornbeaks recorded a grant deed for a
purchase price of $676,000. On August 30, 1979, a deed of trust
was recorded securing a loan on the property in the amount of
$745,000. On September 3, 1981, a collateral assignment of
leases was recorded securing a debt in the amount of $2,850,000.
Also on September 3, 1981, a deed of trust with assignment of
rents was recorded to secure a debt of $942,500.
In 1982, the property was foreclosed upon. A trust deed of
sale was recorded in satisfaction of the debt for $450,000
consideration received.
F. Avenida Del Mar Property
On January 16, 1981, petitioner and Grant Hornbeak acquired
the Avenida Del Mar property in San Clemente, California, for a
purchase price of $540,000. Concurrently, a deed of trust was
recorded securing a loan of $375,000. On March 17, 1981,
petitioner and Grant Hornbeak obtained a loan of $600,000,
secured by a deed of trust on the property. Concurrently, a deed
of trust in full reconveyance by the Bank of San Clemente was
recorded, which related to the property. On May 18, 1982, a
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