(Reuters/Photo Courtesy of the Special Olympics/Handout)Eunice Kennedy Shriver (R) is greeted by her brother, the late U.S. President John F. Kennedy, during a bill signing at the White House, in this handout photograph released on August 11, 2009.

Lee Harvey Oswald's home has been torn down in Dallas, Texas on Monday Jan. 14, 2013.

President John F. Kennedy was assassinated on November 22, 1963, and Lee Harvey Oswald and Marina Oswald occupied the Dallas residence from November 1962 and March 1963, according to WFA in Dallas.

It will be the 50th anniversary of Kennedy's assassination this year and the city of Dallas has seemingly decided to commemorate the anniversary by razing to the ground Oswald's former home.

The residence was included in the Warren Commission report, which documented the investigation into the assassination, and found that Oswald was a lone shooter in the killing.

There had been debate over the years about whether the location should be preserved or not. However, a court order was given to demolish the building due to safety issues with asbestos being cited as a particular problem with the site.

According to reports, demolition and asbestos abatement could amount to more than $50,000.

Oswald was a former U.S. Marine who defected to the Soviet Union between October 1959 and June 1962.

He was initially arrested for the murder of police officer J. D. Tippit, on a Dallas street approximately 40 minutes after Kennedy was shot. Suspected in the assassination of Kennedy as well, Oswald denied involvement in either of the killings.

Two days later, while being transferred from police headquarters to the county jail, Oswald was shot and killed by nightclub owner Jack Ruby in full view of TV cameras broadcasting live.

In 1964, the Warren Commission concluded that Oswald acted alone in assassinating Kennedy, firing three shots, a conclusion also reached by prior investigations carried out by the FBI and Dallas Police Department, yet rejected by much of the U.S. public over the years.

In 1979, the House Select Committee on Assassinations concluded that Oswald fired the shots which killed Kennedy, but differed from previous investigations in concluding he "probably" did not act alone.