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STATE OF WIS. INV. BD. v. HURST

Nos. 15522, 15531 and 15534.

410 N.W.2d 560 (1987)

STATE OF WISCONSIN INVESTMENT BOARD, Plaintiff, Appellee and Cross-Appellant, v. Gene R. HURST; Alice L. Hurst; Roger W. Anderson, Trustee; and O.B. Rekow, Trustee, Defendants, Appellants and Cross-Appellees, Brookings Mall, Incorporated; Calvin Fercho; Brookings Mall, A Partnership; James A. Craig, Trustee in Bankruptcy; and Fred O. Watson Co., Defendants and Cross-Appellees.

Supreme Court of South Dakota.

Decided August 12, 1987.

Attorney(s) appearing for the Case

Stuart L. Tiede of Woods, Fuller, Shultz & Smith, Sioux Falls, for plaintiff, appellee and cross-appellant.

Alan F. Glover of Denholm and Glover, Brookings, for defendants, appellants and cross-appellees.

Robert E. Hayes of Davenport, Evans, Hurwitz & Smith, Sioux Falls, for defendants and cross-appellees.

MILLER, Justice.

Gene R. Hurst (Hurst) and Roger W. Anderson (Anderson) (collectively "Owners") owned twenty acres of real estate located in the City of Brookings, South Dakota. Hurst and Anderson were real estate speculators and desired to develop the land for use as a shopping mall. In December 1971, Owners executed a ninety-nine-year lease with Ericson Development Company, Inc. (Ericson) under which Ericson would construct, operate, and maintain a shopping mall...

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