Foundation Fighting Blindness to Receive Nearly $8.5 Million

The Foundation Fighting Blindness in Columbia, Maryland will receive a gift of nearly $8.5 million from the sale of a medical office in Seattle, the Seattle Post-Intelligencer reports.

The unnamed donor, who himself is blind owing to a degenerative retinal disease, will place 100 percent of the net proceeds from the $8.5 million sale into a charitable remainder trust. According to real estate firm Kidder Mathews, the seller's representatives also donated a significant portion of their sales commission, boosting the value of the gift to more than $8 million after taxes and other costs are paid. An active supporter of the Foundation Fighting Blindness, which promotes research on the prevention, treatment, and cures for degenerative retinal diseases, the donor had purchased the fifteenth floor of the Nordstrom Medical Tower in 1996 for just under $3 million.

While it may be several years before the funds are available to the foundation, the gift represents approximately one-fifth of the foundation’s current revenue stream, John Corneille, director of gift planning, told the Post-Intelligencer. "It is a very sizable and generous gift, and certainly one of the largest we've ever received," added Corneille.

Daniel DeMay. "Millions From Sale Of Medical Office to Go to Charity." Seattle Post-Intelligencer 12/29/2015. "$8.5 Million From Sale of Medical Office in Nordstrom Medical Tower Goes to Charitable Foundation." Kidder Mathews Press Release 12/29/2015.