A powerhouse couple whose fleet of superyachts have hosted the likes of and are being investigated by the IRS over a boat donation that led to a $4.6million tax bill.
Miami socialites J.R. and Loren Ridinger made the multimillion-dollar donation in 2016 - parting with the 116-foot Utopia II after 17 years of sailing the recognizable vessel in the scenic waters of Biscayne Bay.
Thinking the donation would save them about $2 million in taxes, the pair gifted the to Massachusetts-based Veterans Inc, claiming a $4.9million deduction based on an outside estimate of the yacht’s value, according to court filings.
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