Carol Davis, who is a part-owner of the Las Vegas Raiders of the NFL, is estimated to have a net worth of well over $500 million.
Carol is the widow of later Allen Davis. Al was the principal owner and general manager of the Las Vegas Raiders, formerly Oakland Raiders, for 39 years.
At one time, Al owned two-thirds of the Raiders, but he had sold 20 percent of his share to three East Coast investors in 2007. Subsequently, his total share was down to 47 percent.
Nonetheless, Al Davis reportedly had a net worth of around $500 million at the time of his death.
After his demise on October 8, 2011, his part of the stake was inherited by his wife, Carol, and their only son, Mark.
When the mother-son duo inherited shares of Al, there were reports that the Davis family had to pay a hefty sum as an inheritance tax.
Carol Davis Net Worth: How Much Is The Raiders Owner Worth?
The widow of the late Raiders owner Allen Davis, Carol Davis, enjoys a comfortable net worth of more than $500 million.
Her fortune comes from the percentage share she holds at the Raiders. Carol and her son, Mark, inherited the share of the team after the death of Al in 2011.
Carol and Mark own a 47 percent share of the Raiders through Al’s company, A. D. Football, Inc. Despite not owing more than 50%, the football icon ensured before his passing that his team would remain in the family.
At the time of Al’s death, the Oakland Raiders were worth $750 million. And, now, after the franchise shifted to Las Vegas, their worth has rose subsequently to $6.2 billion.
Assuming the figure, the Davis family is the owner of around $2.4 billion, assuming their 47 percent stake.
Moreover, Carol’s son, Mark, also owns the Las Vegas Aces of the Women’s National Basketball Association. The part-owner of the NFL team and the WNBA team, Mark has garnered an estimated net worth of around $2 billion.
Davis Family Had To Pay Inheritance Tax?
After Carol and Mark inherited the stakes of Al Davis, they were rumored to be liable to estate taxes.
Unlike some, like the Steinbrenner family, who managed to avoid these taxes, the Davis family could be subject to a 35% estate tax.
Experts believed that this may not pose an immediate problem while Carol Davis is alive. But it could become a significant burden for their child, Mark Davis, in the future.
However, a Raiders executive reassured that the Davis family had undertaken sophisticated estate planning. And they didn’t anticipate any issues, saying, “It’s not going to be an issue – not today, not tomorrow.”
Nonetheless, Al Davis had effectively planned to avoid estate taxes, eliminating the need for a sale of the Oakland Raiders.
The federal estate tax would equate to over $175 million (as the Raiders valued at $761 million during that time). This amount would almost covered by the 20% stake Al sold in 2007.
Despite the substantial figures, Davis apparently found a way to avoid these taxes, preventing the heirs from being forced to sell the team, as some had speculated.