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should be given credit for the fair market value of the Citrus
County Property and found that the fair market value was $87,000.
The Circuit Court’s final judgment then determined that
petitioner owed a remaining $20,834 on his guaranty obligation.
On December 31, 1986, petitioner asked for rehearing claiming
that at the time of the foreclosure sale in 1985, the Citrus
County Property had a fair market value far in excess of $87,000.
Petitioner alleged that the Citrus County appraiser’s records
indicated a fair market value of $133,000 and that petitioner’s
testimony was that the property value was, at an “absolute
minimum”, at least $114,000. Based on petitioner’s averments,
the Circuit Court for Orange County granted a rehearing as to the
fair market value of the Citrus County Property. There is no
evidence that a rehearing ever occurred. The parties eventually
reached a settlement, and on October 28, 1987, Freedom filed a
Satisfaction of Judgment stating that the $20,834 had been fully
satisfied. Thus, petitioner’s remaining personal liability on
his guaranty was resolved approximately 2 years after the
foreclosure sale had become final.
Petitioner’s basis in the property at the time of the
foreclosure sale was $1,844.
OPINION
Respondent has raised as a new matter in his amendment to
answer an allegation that petitioner realized a gain of $112,156
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