Former owner of NH speedway sues over $24M tax assessment for Winnipesaukee estateBy BEA LEWIS
Union Leader Correspondent
September 25. 2018 8:55AM
ALTON — The owners of one of the priciest residential properties in the state are challenging the town’s tax assessment in Superior Court, arguing the tax bill is so high that potential buyers are being scared off.
Robert Bahre, former owner of New Hampshire International Speedway, his wife, Sandra, and their son, Gary, own homes at 142 and 144 Hopewell Road that are collectively known as “Longview.”
The properties are assessed by the town at $24,045,900, generating an annual tax bill of $309,230.
According to the complaint filed in Belknap County Superior Court on the Bahres’ behalf by attorney Margaret H. Nelson of Sulloway & Hollis of Concord, the assessments on “Longview” are excessive, disproportionate and unjust.
Longview was originally listed for sale in 2014 for $49 million and has been extensively marketed. Its price has since been reduced to $8,900,000 for each home.
Kristin Claire of LandVest, the managing broker who listed the property, has indicated that her “number-one problem” in her marketing efforts is the current property tax assessments.
She said even affluent potential buyers are concerned about the high tax burden, especially in light of recent changes in the federal tax law regarding the deductibility of property tax expenses.
The town reduced the assessments and issued partial refunds after the Bahres filed an abatement request for their 2017 taxes, resulting in a refund of just over $12,000.
The property includes two homes offering 60,000 square feet of living space, 16.56 acres of property at the tip of Clay Point and 1,594 feet of shoreline on Lake Winnipesaukee. Other features include an infinity pool with stone grotto, two boathouses, a tennis court, a post-and-beam, barn-style residence, a teahouse and three one-bedroom apartments.
Before the 2008 racing season, the Bahre family sold the Loudon track to Speedway Motorsports for $340 million. In 2013, Bob Bahre sold Oxford Casino, less that a year after developing it, to Churchill Downs Inc. for $160 million.
The Bahres have not challenged the $3,850,900 collective assessment of five other properties they own in Alton.