From the sale of the controversial Balili beach lots in Naga, Cebu, the owner's widow already received P15 million and invested P24 million in various banks.

Amparo Balili made ?advances? from her 50 percent share as spouse of the late Luis V. Balili, said the estate executor Romeo J. Balili.

What's left is P43 million as ?cash on hand?, the lawyer reported to Regional Trial Court (RTC) Judge Ester Veloso yesterday in compliance with her order to give an accounting of the sales proceeds. (See related table.)

The cash is in a new joint savings account in the name of the estate and the widow.

The judge had ordered this account opened last Sept. 25 after noting that the sales proceeds earlier went to the personal account of the executor and Amparo.

The much-awaited report gave a breakdown of the P98,926,800 paid last year by the Province of Cebu for 24.7 hectares of coastal land in barangay Tinaan, Naga, which government surveys later confirmed was mostly under water or classified as timberland owned by the State.

Much speculation has surrounded the identity of parties who benefited from the controversial land deal, which is being investigated by two committees of the Cebu provincial government, and the Visayas Ombudsman's Office

The executor, a nephew of the late Luis Balili, was also told by the court to explain why the P98.9 million sales proceeds were deposited in his name in a personal bank account instead of in the account of the Estate.

Romeo Balili repeated the explanation he gave to the Provincial Board inquiry last month: the check was in his name.

He said the first installment check issued by the buyer, the Province of Cebu, was issued with his name as payee.

It ?was rejected by the computer of said bank in view of the variance in the names of the payee and the depositor.?

Two checks for the P98.9 million payment were signed by Gov. Gwendolyn Garcia.

At the time, the joint savings account with the Banco de Oro ? F. Ramos Branch was in the name of the Estate of Luis V. Balili with two authorized signatures, his and the widow Amparo.

He said the bank then suggested ?and it was agreed? that a joint savings account be opened in the names of Romeo and Amparo Balili.

?Consequently, the first savings account was closed,? he said.

The court's third directive was a Sept. 25, 2009 order to Balili as executor to deposit all funds of the estate in an account in the name of the Estate of Luis v. Balili and Amparo G. Balili.

The executor yesterday reported that he and Amparo complied and opened a joint savings account with the same BDO bank with a current balance of P43,176,371.11, an amount that matched the ?cash on hand? he earlier reported.

(Soon after the land purchase controversy broke out, Amparo retained the separate services of lawyer Ceasar Tabotabo to represent her.)

In his breakdown, the executor told the court P18.3 million was spent for taxes, fees, relocation expenses and a P4.7 million broker's commission.

That left a balance of P80.5 million from the sales proceeds.

However, from that amount, Balili said advances were also made by the widow for P15.5 million in May 28, 2008 and Oct. 9, 2008.

Another P24 million went to ?investments? made in the name of Amparo Balili in various bank instruments, which earned P2.1 million.

With this, the executor reported a total of P82,714,900.87 to the court.

Although the Balili widow and executor earlier said the Capitol had ?no legal standing? to demand an accounting and rejected the province's request for one, Atty. Balili submitted an accounting in court to comply with an earlier order of Judge Veloso.

On his failure to submit the Deed of Absolute Sale for court approval, Balili explained that he decided not to present the Deed of Absolute Sale because the items are already presented in the Memorandum of Agreement (MOA) with the Capitol.

?The MOA is the perfected contract of sale because all the elements of a perfected contract of sale are contained therein,? Balili said.

Balili also explained why Amparo Balili signed the Deed of Absolute Sale on June 11, 2008 even if the MOA was only approved on July 15, 2008.

He said the Capitol made a partial payment through a check dated April 28, 2008 which he received on May 26, 2008.

Balili said the MOA provides that upon receipt of the partial payment of 50 % of the total purchase price, a Deed of Absolute Sale shall be executed by the ?vendor (Balili).

Not to sign the Deed of Sale prepared by the province, he said, would be a ?breach of contract.?