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Steinbrenner Family Saves on Whopping Estate Tax

July 13, 2010

The death of Yankees owner George Steinbrenner on Tuesday has saved the family an estimated $600 million on its taxes, thanks to this year’s disappearance of the estate tax.

The Yankees boss’s net worth was recently estimated by Forbes at $1.1 billion, and the team’s worth is about $1.6 billion, according to The Wall Street Journal. The debt from construction of the new Yankees Stadium leaves the team heavily leveraged, though, despite taxpayer subsidies. However, by passing away before the 55 percent estate tax goes into effect at the beginning of next year, Steinbrenner’s heirs will save an estimated $600 million in estate taxes.

While Steinbrenner will be missed by New York sportswriters for the headlines he regularly generated, if not by Seinfeld’s George Costanza, who worked for him on the classic TV series, his family effectively received a tax-free windfall. Still, the boss will be mourned by many baseball fans who absolutely loved to hate him over the years.

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