In February 2023, Dan Snyder listed his five-bedroom property for $49 million. He’d been trying to sell it quietly for years and hadn’t had any takers, so he listed it publicly. When it still didn’t sell, he and his wife made the decision to reduce the price. Listed for $34.9 million in August 2023 the property didn’t attract a buyer, so the former owner of the Washington Commanders did something that a lot of people would consider drastic. He gave the house away, instead.

More specifically, he donated the house to the American Cancer Society. Now, the ACS has re-listed the house for the same $34.9 million that Snyder was asking before he took it off the market. The plan is to sell the house and then use that money to fund research and programs that are consistent with the Society’s mission to educate people about cancer and help find a cure.

The house is the largest gift the ACS has ever received during its 110-year existence, and Synder’s representative didn’t reply to requests asking for a comment on the ACA’s decision to sell the house. Many people who have a high net worth leave houses and properties to charities when they pass away, but it’s less common to see someone offer this kind of gift while they’re still living.

However, it’s a strategy and can reduce the tax burden of a wealthy individual and Snyder definitely is not the first person to use it. Big names such as Jeff Bezos’ ex-wife, MacKenzie Scott, have donated properties to charitable organizations. Former Texas Rangers pitcher Cole Hamels also donated property, and doing this allows a deduction based on the fair market value of the property at the time of donation.

A donation of this size can take a significant tax bill and reduce it to something more manageable, which can be a good strategy in a year when a wealthy person is expecting a particularly large bill from the IRS. No matter the reasons behind the donation, though, it’s clear that the ACS will be able to use the proceeds of the home’s sale to help a number of individuals and families facing cancer.

If you would like to include charitable giving, including any property you may own, in your estate plan, please contact us today. Our firm will guide you in all stages of the preparation process, from reviewing your assets to discussing your estate planning goals, to drafting a plan that accurately reflects your wishes!