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2. Gavilan Hills
In August 1990, petitioner purchased for $70,000 11.53 acres
of undeveloped ranch land in the unincorporated Gavilan Hills
area of Riverside County, California (Gavilan Hills). Gavilan
Hills is approximately 5 miles from Falling Water Way. Between
August and October 1990, petitioner engaged Wellmaster Drilling,
Inc., to drill two wells at Gavilan Hills.
On October 7, 2003, Gavilan Hills was zoned “Residential
Agricultural.” The new zoning laws allow up to 24 horses to be
kept on the property but prohibit the operation of a livery
stable or boarding stable.
As of June 15, 2004, the fair market value of Gavilan Hills
was $306,000.
3. Rialto Property
Petitioner has operated her dental practice at 350 North
Riverside Avenue in Rialto, California (Rialto property), since
1983. The Rialto property consists of a 1,900-square-foot house
zoned for professional office use.
From 1983 through 1995, petitioner’s professional
corporation leased the Rialto property. On November 17, 1995,
petitioner purchased the Rialto property for $136,500. From 1996
through 2003, except for the year 2000, petitioner’s professional
corporation paid petitioner $24,000 annually for the use of the
Rialto property. In 2000, petitioner’s professional corporation
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