Dan Snyder is beginning to fade from the minds of Washington Commanders fans as the new ownership group led by Adam Peters attempts to right the ship after more than two decades of incompetence, dysfunction, harassment and countless awful decisions that ran one of the most storied NFL franchises in the NFL.
But on Thursday, Snyder made headlines again — but this time —it was for an unexpected reason,
According to the Washington Post, 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.
Dan 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.
The listing was removed on Monday, according to Zillow.
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. A spokesperson for the American Cancer Society said the organization intends to sell the property and use the proceeds “to advance our mission of improving the lives of cancer patients and their families.”
How Does The Move Benefit Former Washington Commanders Owner Dan Snyder?
Anyone that has watched Snyder operate over the years understands this move wasn’t just pure charity with no gain for one of the greediest, hated owners in pro sports history.
The donation has significant tax benefits for Snyder. He had reportedly been trying to sell River House since 2018 and, absent a buyer, donating the property was a more practical solution than sitting on it and paying taxes; the property’s assessed tax value for 2022 was close to $18 million.
By donating the real estate to a charity, Dan 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 could not be reached for comment, according to the Post.
In a 2022 filing in the United Kingdom, Snyder listed England as his usual residence. That has been his refuge with pending federal charges looming over the Washington Commanders owner if he returns to the United States.
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.
At least Washington fans don’t have to deal with this toxic owner ever again and his beloved mansion is being donated to a good cause.
1 Comment
The problem with non profit organizations is that they don’t take care of the residential mansion; it will be abandoned, turn to museum…Too many acting houses at Georgetown are caused by that kind of donation (Kate Graham for instance, regardless of what you have been reading, never anyone has lived in that big mansion after her departure from this World). Donating to me could have solved all the problems we are experiencing now