Former NFL owner Dan Snyder in line for sizable tax benefit as charity he donated mansion to intends to sell
Snyder donated the property to the American Cancer Society in March
[video_shortcode_video_embed src="https://video.foxbusiness.com/v/video-embed.html?video_id=6305870845112&d=video.foxbusiness.com" itemprop="image" content="https://video.foxbusiness.com/v/video-embed.html?video_id=6305870845112&d=video.foxbusiness.com" data-src="https://video.foxbusiness.com/v/video-embed.html?video_id=6305870845112&d=video.foxbusiness.com"]
FOX Business Flash top headlines for May 10
Check out what's clicking on FoxBusiness.com.
Former Washington Commanders owner Daniel Snyder stopped trying to sell his Maryland mansion. He instead decided to donate the property, which overlooks the Potomac River, to the American Cancer Society.
Snyder initially listed the property for sale in February 2023 with an asking price of $49 million, according to The Washington Post. But the property sat on the market for more than a year. He purchased the home in 2001, and it was the billionaire's primary residence for almost two decades.
As Snyder searched for a buyer for his personal property, he was also in the process of finalizing the sale of the NFL franchise he owned at the time. In July, NFL team owners unanimously approved a $6 billion sale to a group led by Josh Harris.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
Dan Snyder gives remarks as the Washington Football Team announces its new team name, the Commanders, at FedEx Field Feb. 2, 2022 in Landover, Md. (John McDonnell/The Washington Post via Getty Images / Getty Images)
Snyder eventually reduced the price but still failed to find a buyer. In a March press release, the American Cancer Society said the organization had received a "substantial real estate gift from the Snyder family"
NFL AND X RENEW PARTNERSHIP TO CONTINUE BRINGING FOOTBALL CONTENT TO SOCIAL MEDIA PLATFORM
"We are incredibly grateful for the gift, and the generosity cannot be overstated," American Cancer Society CEO Karen Knudsen said in a statement.
Snyder's wife, Tanya Snyder, was diagnosed with breast cancer in 2008. She had a primary role in the roll-out of the NFL's "Think Pink" campaign. Tanya also previously served as co-CEO of the Commanders.
Dan Snyder before a game between the New York Giants and the Washington Redskins in East Rutherford, N.J., Sept. 29, 2019. (John McDonnell/The Washington Post via Getty Images / Getty Images)
Instead of retaining the property and using it in some official capacity, the charity intends to sell the mansion and use the proceeds to further the organization's "mission of improving the lives of cancer patients and their families," an American Cancer Society spokesperson told the Post.
"ACS is grateful for support and commitment — in the form of time, service and financial contributions — from individuals and families like the Snyders, which will allow us to accelerate progress against cancer and to improve the lives of cancer patients and their families," the ACS said in a statement.
Washington Commanders owners Tanya Snyder and Dan Snyder on the field before the Dallas Cowboys defeated the Commanders 25-10 at AT&T Stadium Oct. 2, 2022, in Arlington, Texas. (John McDonnell/The Washington Post via Getty Images / Getty Images)
Snyder's decision to donate the property to charity sets him up for considerable tax benefits. He can claim a deduction to his income tax based on the appraised value of the home. For example, if the property is appraised for $45 million, Snyder would be eligible for a $45 million tax deduction.
The same day Snyder's sale was approved in July 2023, the NFL issued a $60 million fine over the findings of an independent investigation led by attorney Mary Jo White. The investigation determined Snyder committed acts of sexual harassment, and he withheld revenue from the league.
Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.