By JAMES FINK
jfink@bizjournals.com | 716-541-1611

A deal is in the works for businessman Rick Snowden's Nottingham Terrace home, and it represents a record amount for a Buffalo residential property.

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

Sources said the offer is about $1.8 million, less than the $2.195 million asking price for the 19,273-square-foot home. 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 he has had an offer for the home. One fell through when the prospective buyer's financing package dissipated; another was put under contract but the prospective buyer passed away.

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

It has become a local showplace with Snowden hosting high-profile fundraisers, including ones for the Buffalo Zoo.

Snowden said he is selling the home while he decides where to relocate.

His adult entertainment club in Cheektowaga was raided earlier this year by the state liquor authority and other law enforcement officials amid allegations of illegal activity. Snowden was never charged and was not present during the raid. Rick's Tally Ho on Genesee Street remains open, although it doesn't sell alcohol.

Snowden sold his Rochester club and has a letter of intent to sell Rick's Tally Ho. He bought both after moving 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 this region, it is unlikely he will remain here due to an onerous business climate and high taxes.

"As an entrepreneur, I almost have to leave New York state because it is so business unfriendly," he said.

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

Snowden noted that Buffalo Sabres owner and Paychex founder B. Thomas Golisano reportedly became a Florida resident because he also grew tired of New York's heavy tax burden.

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