Former Washington Commanders owner Dan Snyder and his wife, Tanya, listed their luxurious Potomac, Maryland home for $49 million in early 2023, later reducing the price to $34.9 million before taking it off the market in March. Instead of finding a buyer, the Snyders donated the property to the American Cancer Society (ACS), marking the largest gift in the charity's history. ACS plans to relist the house for $34.9 million, the same as the Snyders' final asking price.
The property stands out for its grandeur and scale, featuring amenities like a pool, helipad, marble and mahogany finishes, and imported stone. The home, modeled after an 18th-century French château, includes two solariums, a large drawing room, a formal dining room, a wine cellar, and a restaurant-grade kitchen. The Snyders' donation is a notable example of a growing trend among wealthy individuals who donate high-value real estate directly to charities, a practice that offers significant tax benefits.
High-profile property donations have gained attention in recent years, with notable examples including MacKenzie Scott's $55 million donation of two Beverly Hills mansions in 2022 and former Texas Rangers pitcher Cole Hamels' $9.75 million Missouri home donation in 2017. These donations highlight a strategic approach to philanthropy, allowing donors to avoid capital-gains tax and claim significant tax deductions. For charities, managing such properties can be challenging due to maintenance and operational costs, but organizations like ACS, experienced in real estate through their Hope Lodges, are better prepared to handle such gifts.
Read the full article by Katherine Clarke here
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