Opinion ID: 555159
Heading Depth: 2
Heading Rank: 3

Heading: Value of the Property

Text: 13 Reed and Titzkowski also contend that the district court should have conducted a hearing to determine the value of the property, and should not have used the 1989 sale price of the property to set the value of the substitute forfeiture. Further, Reed and Titzkowski argue that the district court should have deducted the amount owed on the property. 14 We hold that the district court did not err when it determined the value of the property. First, the forfeiture statute contains no provision authorizing a hearing to determine the value of forfeited property. See 18 U.S.C. Sec. 1963. Second, the amount owed on the 1983 mortgage should not have been deducted when the district court determined the value of the substitute forfeiture. As previously noted, all right, title, and interest in the property vested in the government in 1981, before Reed and Titzkowski encumbered the property. 18 U.S.C. Sec. 1963(c). Consequently, the government's interest is not subject to the mortgage. Third, because the government's interest vested in 1981, we hold that the government is entitled to any increase in the property's value during that period.