The Imus Agronomical and surrounding acreage has awash for about $12.5 million, aloof abbreviate of one-third of the aboriginal allurement price. The ranch, which was acquired by radio shock amateur Don Imus in 1998, was acclimated to accommodate an American-cowboy acquaintance to accouchement with cancer.
The ranch’s summer affairs accomplished in 2014 afterwards Imus bankrupt his ribs in a abatement and was clumsy to breathe at aerial altitude, Imus generally said on-air. During its operation, it drew criticism for a almost aerial arrangement of amount to adolescent served, upwards of $25,000 each, and appear claimed use of the agronomical by the Imus family. The claimed use led to an alone 55-percent acreage tax exemption, according to the Wall Street Journal.
The absolute 3,400-acre, fenced-in acreage was included in the sale, according to the bargain site. Sources say that the assets from the bargain will be accepted to added charities
Patrick Gottsch, architect of the Cowboy Channel, is the appear client of the property. The accord came beneath than a ages afterwards Imus alive off from the airwaves afterwards 50 years as a DJ and personality.
An Imus agent said that there was no agreement as allotment of the bargain as to how the acreage would be acclimated and that the alignment has not been alive back 2014. Dollars accept still formed into the alignment in the interim, mostly from Imus’ website, according to an email from a ancestors account. The primary accommodating purpose the alignment has served best afresh has been in grantmaking.
In 2016, the aftermost year for which tax abstracts is available, the agronomical appear admission payouts of $250,000 to SKIP of New York for the abetment of chronically ill and disabled accouchement and $100,000 to the Eileen Fund, additionally of New York, for medical research.
The alignment explained in Schedule O of its federal Form 990 filed for 2016 that the ranch’s non-cash, non-investment assets were placed up for bargain in October 2014 and that operations at the agronomical had accomplished with the barring of advancement the land, livestock, and accompanying equipment. The lath of directors, according to the explanation, advised to added the nonprofit’s mission by accidental to organizations of agnate purpose.
While the dollars from the bargain will be broadcast through grants to organizations that allotment Imus Ranch’s accommodating purpose, it has not yet been absitively whether the alignment will abide to fundraise or cease operations already funds are spent, according to the agent and a ancestors source.
The Ribera, N.M. ranch, amid 45 account southeast of Santa Fe, includes 3,400 acreage and appearance 29,000 aboveboard anxiety of alive quarters, according to the bargain website. The appear allurement amount diminished from $35 actor to $29.9 actor to $19.9 actor again to the $12.5 actor for which it eventually sold.
Imus Ranch, as an organization, appear losses in the three best contempo years for which Internal Acquirement Service (IRS) Form 990 abstracts is available. The alignment acquaint $264,255 in acquirement and a $1.09 actor all-embracing accident in 2016, $241,619 in acquirement and a $1.16 actor accident in 2015, and $511,919 in acquirement and a $1.21 actor accident in 2014.
In 2013, the aftermost abounding year in which the summer affairs was active, the alignment appear acquirement of $2.94 million, which exceeded expenditures by $898,293.
The 2016 Form 990 appear alone Imus, his wife Deirdre, and the shock jock’s adept agents Vincent and Robert Andrews– both adept acquaintances and accountants — as lath members. It additionally appear $19.5 actor in costs and bases for land, buildings, and added accessories — including $11.8 actor in acreage and buildings. Net assets, at the time, stood at $16.4 million.
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