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Old 12-19-2017, 07:42 AM   #1
tomdalton22   tomdalton22 is online now
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Cole Hamels donates house to charity

http://www.espn.com/mlb/story/_/id/2...ansion-charity

32,000 sf house on 100 acres

At first glance, it's a heart warming story about a generous couple. But looking at it further, it's very likely that he reduced his tax burden significantly more than what he could have received selling the property.



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Old 12-19-2017, 07:52 AM   #2
thehippo73   thehippo73 is offline
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Quote:
Originally Posted by tomdalton22 View Post
http://www.espn.com/mlb/story/_/id/2...ansion-charity

32,000 sf house on 100 acres

At first glance, it's a heart warming story about a generous couple. But looking at it further, it's very likely that he reduced his tax burden significantly more than what he could have received selling the property.
I don't blame the guy for donating it. If he doesn't need to get paid for the house, it doesn't matter. Win/Win. He gets a tax break and some special needs kids an amazing house for camp.
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Last edited by thehippo73; 12-19-2017 at 07:53 AM.
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Old 12-19-2017, 09:05 AM   #3
Rebbiv   Rebbiv is offline
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Cynicism at it's finest.

Good for Hamels. Legal tax avoidance isn't a crime. And any tax avoidance certainly isn't the amount donated, which was to a worthwhile cause.
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Old 12-19-2017, 09:40 AM   #4
tomdalton22   tomdalton22 is online now
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Cynicism at it's finest.

Good for Hamels. Legal tax avoidance isn't a crime. And any tax avoidance certainly isn't the amount donated, which was to a worthwhile cause.
I know it isn't a crime. I write off everything I can.

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any tax avoidance certainly isn't the amount donated
39% of $9.4M = $3.66M....it is very likely that he wouldn't be able to get that much in a sale...so it is a win.

I do agree that it's a win - win. I was just pointing out that there is definitely a huge benefit to Hamels
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Old 12-19-2017, 11:19 AM   #5
Mitchrapp   Mitchrapp is online now
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Originally Posted by tomdalton22 View Post
I know it isn't a crime. I write off everything I can.



39% of $9.4M = $3.66M....it is very likely that he wouldn't be able to get that much in a sale...so it is a win.

I do agree that it's a win - win. I was just pointing out that there is definitely a huge benefit to Hamels
You mean a house that is 9.4m can't get more than 3.6?
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Old 12-19-2017, 11:58 AM   #6
tomdalton22   tomdalton22 is online now
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You mean a house that is 9.4m can't get more than 3.6?
it's very likley. I'm in the real estate business. They built a 32000 sf house on 100 acres in an area that is 100 miles from any major city. They will be lucky to get 20% of what they have in it. That's what happens to people that build their "dream houses" when there is no market for them.

This is just an educated guess. I see somewhat similar things in my market area all of the time.
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Old 12-19-2017, 12:24 PM   #7
Mitchrapp   Mitchrapp is online now
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Originally Posted by tomdalton22 View Post
it's very likley. I'm in the real estate business. They built a 32000 sf house on 100 acres in an area that is 100 miles from any major city. They will be lucky to get 20% of what they have in it. That's what happens to people that build their "dream houses" when there is no market for them.

This is just an educated guess. I see somewhat similar things in my market area all of the time.
Bummer. Nonetheless the motive still a nice gesture. At least now I know I better not build a 10m dollar house away a good market.
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Old 12-19-2017, 12:26 PM   #8
Mitchrapp   Mitchrapp is online now
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I know it happens all the time with rich people but why does a family need a 32000 SF house.
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Old 12-19-2017, 01:12 PM   #9
Rebbiv   Rebbiv is offline
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Quote:
Originally Posted by tomdalton22 View Post
it's very likley. I'm in the real estate business. They built a 32000 sf house on 100 acres in an area that is 100 miles from any major city. They will be lucky to get 20% of what they have in it. That's what happens to people that build their "dream houses" when there is no market for them.

This is just an educated guess. I see somewhat similar things in my market area all of the time.

11 miles to Branson, MO

38 miles to Springfield, MO (home of Bass Pro Shops)

75 miles to Bentonville\Rogers\Fayetteville, AR (home of Wal-Mart)

What do you consider as a major city? St. Louis?


Do you know how many celebrities have mansions in and around Branson?

Do you know how many mansions are in and around Springfield, MO and/or Bentonville, AR? My In-Laws lived in Rogers, AR. I am very familiar with the area.

A property in West Branson, MO sold for $12 Mil in 2015. Additionally, 100 acre parcels are not cheap by themselves, especially next to a body of water.

Obviously, there are just select buyers who can afford a 32,000 sf mansion. And if you are in the business, you know how listings work. You do not list it for what you will take, because someone won't ever give you what you are asking, unless it is a must have and the price is a steal. There is always an offer substantially less than the asking price. At $9.4 Mil asking, I doubt they would have thought they would have gotten an offer greater than $7 Mil, certainly $6 Mil would have gotten it. What am I saying, you should have know that.

Not bad for being on the market for less than 6 months.
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Old 12-19-2017, 01:40 PM   #10
tomdalton22   tomdalton22 is online now
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Quote:
Originally Posted by Rebbiv View Post
11 miles to Branson, MO

38 miles to Springfield, MO (home of Bass Pro Shops)

75 miles to Bentonville\Rogers\Fayetteville, AR (home of Wal-Mart)

What do you consider as a major city? St. Louis?


Do you know how many celebrities have mansions in and around Branson?

Do you know how many mansions are in and around Springfield, MO and/or Bentonville, AR? My In-Laws lived in Rogers, AR. I am very familiar with the area.

A property in West Branson, MO sold for $12 Mil in 2015. Additionally, 100 acre parcels are not cheap by themselves, especially next to a body of water.

Obviously, there are just select buyers who can afford a 32,000 sf mansion. And if you are in the business, you know how listings work. You do not list it for what you will take, because someone won't ever give you what you are asking, unless it is a must have and the price is a steal. There is always an offer substantially less than the asking price. At $9.4 Mil asking, I doubt they would have thought they would have gotten an offer greater than $7 Mil, certainly $6 Mil would have gotten it. What am I saying, you should have know that.

Not bad for being on the market for less than 6 months.
I know all of the info about listings, etc. I didn't research the demographics of the area where the house is located.

Not only are there a select few that can afford a 32,000 sf mansion but even fewer that actually want that specific mansion. The size alone may turn off most buyers.
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