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Snowden Home Could Fetch Record Price

Monday, August 30, 2010

Business First of Buffalo - by James Fink

A deal is close to completion for the sale of businessman Rick Snowden's Nottingham Terrace home -- and it could bring in a reported record amount for a Buffalo residential property.

Snowden confirmed that he and his agent, Bonnie Clement from Hunt Real Estate, are working with a Canadian-based buyer who is very interested in the 80-year-old home that is considered one of the city's most opulent.

Sources said the bid offer is around $1.8 million, which is below the $2.195 million asking price for the 19,273-square-foot home.

If concluded, the deal could close by October.

"We are in serious negotiations," Snowden said. "But, I caution that the (for sale) sign is still up and we're still showing the property. When it does sell, I suspect it will set a new record for Buffalo."

The deal marks the third time in recent years that Snowden has had an offer for his residence. One fell through when the prospective buyer's financing package dissipated, and another was put under contract, only to see the buyer die.

Snowden paid $1.3 million when he bought the former Miller family estate nearly a decade ago. Snowden invested more than $600,000 on landscaping, a fountain facing Nottingham Terrace and a host of interior renovations.

Snowden is selling the home as he decides where to relocate and downsize. His Cheektowaga adult entertainment club was raided earlier this year by the State Liquor Authority and other law enforcement officials after allegations of illegal activity. Snowden was not charged and was not present during the raid. Rick's Tally Ho on Genesee Street remains open, although it is not selling alcohol.

Snowden sold his Rochester club and has a letter of intent to sell Rick's Tally Ho. He bought both after relocating from Las Vegas to his native Western New York earlier this decade.

"After 30 years in the nightclub business, I truly want to retire from that business," he said. "I want to take some time off and decide what my next venture will be."

Snowden said while he loves Buffalo and Western New York, it is unlikely he will remain here, mainly because of the high taxes and onerous business climate. "As an entrepreneur, I almost have to leave New York state because it is so business unfriendly," he said.

Snowden said his two clubs paid more than $300,000 in annual sales taxes, yet he felt that New York state was "looking for more."

He is not alone. Snowden noted that Buffalo Sabres owner and Paychex founder B. Thomas Golisano became a Florida resident for the same reasons -- New York's tax burden.

"It really takes the winds out of one's sails," Snowden said. "Entrepreneurs just don't find level playing fields in New York state."