Houston Astros and Estate Tax Planning

12/01/2010

Apparently the Houston Astros have been put on the market.  Drayton McClane, Jr., the team owner since 1992, is 74 years old.  He cited "estate planning issues" as one of the major reasons for putting the team up for sale.

While apparently no sales price has been set, according to Forbes.com the Astros were worth an estimated $455 million in 2009.  This could certainly generate a hefty estate planning bill if the estate tax comes back, unless McClane pulls a Steinbrenner and dies this year.

It is reported that McClane's children are not interested in taking over ownership of the Astros, possibly because they too want to avoid an estate tax train wreck. The team is being shopped around by a New York-based investment bank, who estimates that the sale could take six to twelve months.