High-End Montana Homes Generate Charity Revenue
May 14, 2007 | Read Time: 1 minute
A New York real-estate developer has set up a plan to generate millions of dollars for charity from the sales of luxury houses in Montana, reports The Wall Street Journal.
In 2005, Wade Dokken bought a parcel of land near Yellowstone National Park for $23.3-million, and he plans to build 301 homes there, ranging in price from $675,000 to $2.7-million. However, each homeowner, even if the house is resold, will have to channel 0.5 percent of the home’s value to charity.
The article reports that at least one local commissioner opposed the development, saying the land should be preserved as pristine. However, other commissioners lauded Mr. Dokken’s plan to fuel philanthropy with the site.
Mr. Dokken also plans to donate $30-million worth of the overall land to a conservation trust, to help preserve it. Over all, he called the development site “an engine for charity.”
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