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B. Petitioner’s Real Property
1. Falling Water Way
On July 27, 1983, petitioner purchased for $135,000 real
property at 18500 Falling Water Way in Riverside, California
(Falling Water Way). Falling Water Way includes 1.48 acres of
land, a 2,252-square-foot four-bedroom home, a garage, a four-
stall barn with tack room, feed rooms, hay storage, an arena, and
some paddocks.
Falling Water Way is in an area with many horse properties.
Falling Water Way is zoned “Residential Agricultural” by
Riverside County. A Riverside County zoning ordinance allows the
“noncommercial keeping of horses” in Residential Agricultural
zones. The zoning ordinance permits breeding and raising of
horses but prohibits Falling Water Way from being used as a
livery stable or a boarding stable. The zoning ordinance limits
the number of horses that can be kept at Falling Water Way to
four.
Falling Water Way has been petitioner’s principal residence
since its purchase in 1983. Petitioner put Falling Water Way up
for sale in 1991 but did not sell the property.
As of June 15, 2004, Falling Water Way had a fair market
value of $530,000. The fair market value of the horse facilities
and property, other than the house and the garage, was $375,000.
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Last modified: May 25, 2011