Crushed it! A Gift of a Vineyard Makes an Impact to Charity
The 50% co-owners of a successful Napa Valley vineyard agreed it was time to sell their property. One of the co-owners decided to donate a 30% share of his interest to his family’s favorite social causes by first directing the gifted portion to a donor advised fund at Fidelity Charitable. To achieve his purpose, the donor was referred to Realty Gift Fund, the national nonprofit that specializes in charitable gifts of real estate.
In August 2022, after introductory discussions, and before sale activities began, RGF and the donor entered into a Partial Interest Donation Agreement, and the new owners set out to secure a buyer for the property. Not long after, a sale contract was signed with a buyer who owned several other California vineyards. Since the sale took place in the middle of the seasonal harvest, various elements of the sale had to include the rights and obligations of the harvest in addition to appurtenances of roads and easements; water rights, wells and ponds; out buildings; fencing, etc.
Upon closing the sale, each party received its prorated share of revenue less its share of closing costs and prorations. After the respective distribution of net proceeds to each owner, RGF retained a small share for its own nonprofit operations then granted nearly $800,000 to the donor’s donor advised fund at Fidelity Charitable which can serve for decades as the source of grants by the donor and his family.
RGF is happy to consider partial interest donations on nearly any real estate gift and to design a charitable solution that fits our donor’s goals. To learn more, please call Bruce Geiss at (505) 660-8470 or Jay Grab at (505) 690-7174 to learn how Realty Gift Fund can benefit your nonprofit.