September 10, 2010
Mark Cuban has never been shy about spending his money. The Mavericks have some of the finest facilities in all of the NBA. His team pays the luxury tax year after year. He has his own private Gulfstream V, which costs anywhere from $40-70 million, that he uses for traveling to away games. He's super rich (net worth: $2.9 billion) and he's not afraid to show it.
So when Mark Cuban spends $100,000, it's nothing to him. He probably spends that on T-shirt jerseys every month. But when he pledges it to a city, then it's a bigger deal. From the Dallas Morning News' James Ragland:
Dallas Mavericks owner Mark Cuban is donating $100,000 to the City of Dallas to help offset a revenue decline that has a majority of City Council members favoring a tax hike.
"I don't consider it a gift," Cuban told me, saying that he has been "blessed financially" and the city has been good to him. "I consider it a repayment."
OK, cool. Very nice of Mark Cuban to donate his money to try to help a city that's helped make him a huge star. No one likes paying taxes, and if $100,000 from a billionaire will help fight an increase then it's no wonder he'd pony up the funds. After all, the donation is likely to save him money in the long run.
[Video flashback: See Mark Cuban in his rap video debut]
What? You didn't think Cuban would drop a hundred grand without a little benefit to himself, did you? You don't become a multibillionaire by throwing away money, after all. Check out this tidbit Ragland throws in at the end.
The tax bill on Cuban's Preston Hollow home, by the way, would jump several thousand dollars if a majority of council members vote to boost the tax rate by 4.91 cents. Cuban's home is valued at $14,082,624 on the 2010 tax rolls -- a $331,603 jump from last year's appraisal.
Whatever the tax hike would have been in actual dollars, it would still be nothing to Cuban, so his gift to the city is still mostly altruistic. Cuban says that he "[has] been blessed financially" and that he "[thinks] it's fair for someone in my position to be asked to voluntarily contribute more to the City," so he's giving a gift that helps Dallas, helps himself and helps the people who would really be affected by a tax hike. Cool move.
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