Daniel Snyder pulls Maryland mansion from market, donates it to charity

  • 📰 washingtonpost
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 72%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The former Commanders owner listed the home in 2023 for $49 million. He stands to reap a large tax deduction after donating it to the American Cancer Society.

Eight months after selling the Washington Commanders, Daniel Snyder donated his mansion overlooking the Potomac River in Maryland to the American Cancer Society, reaping what could be a significant tax deduction on a property that had been on the market for more than a year.

Snyder purchased part of the property from the estate of King Hussein and Queen Noor of Jordan in 2001 for $8.64 million. He went on to acquire additional parcels, amassing 15 total acres, according to property records. The 30,000-square-foot estate, which he named River House, was completed in 2004.

The home, which served as Snyder’s primary residence for close to two decades, went on the market in February 2023 with an asking price of $49 million. Snyder reduced the price to $34.9 million after it sat on the market for six months.Property records show that on March 7, ACS Development Company I Inc., which owns and operates real estate for the American Cancer Society, purchased the home for $0.

By donating the real estate to a charity, Snyder can claim a deduction to his income tax that is equal to the appraised value of the property. So, for instance, if the property were appraised at $45 million, he would receive a tax deduction of $45 million. And he would not pay taxes on the gain, which he would have had he sold the property to a private buyer., Snyder listed England as his usual residence.

Snyder also owns a 16.5-acre property near Mount Vernon that he purchased for $48 million in November 2021, as well as property in Aspen, Colo.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 95. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines