As the years passed, however, he began to think differently about the house. Beyond being a treasured retreat, could it also become part of his enduring legacy? Dr. Sarıoğlu had long believed that education was the most powerful investment one could make in shaping future generations. He also wanted to leave behind something that reflected his own life’s values of service, knowledge, and opportunity. The Rockport home, he realized, could be more than a memory. It could become a gift.
Discovering a New Way to Give
Through his work with Turkish Philanthropy Funds (TPF), Dr. Sarıoğlu learned about the option of a bargain sale—a creative planned giving strategy that allows real estate to be transformed into both immediate financial support and long-term philanthropy. In a bargain sale, property is sold to a charitable organization for less than its fair market value. The donor receives cash from the sale, while the “bargain” portion—the difference between market price and sale price—is considered a charitable contribution and may qualify for a tax deduction.
This approach appealed to Dr. Sarıoğlu for several reasons. It allowed him to receive funds from the Rockport property, ensuring security for his retirement, while also dedicating a significant portion of the home’s value to the causes he most cared about. Most importantly, it meant that the home which had given his family decades of happiness would now create opportunities for others.
From Rockport to Istanbul: A Legacy at Sabancı University
Working with TPF, Dr. Sarıoğlu finalized the bargain sale of his Rockport home. The proceeds were carefully directed according to his wishes and provided scholarships at Sabancı University, one of Türkiye’s leading institutions of higher learning.
His funding supported promising students who might otherwise struggle to afford a university education. For them, Dr. Sarıoğlu’s generosity is beyond funding. It is a concrete door opened to learning, leadership, and new futures. The same house that once welcomed family and friends in Massachusetts has symbolically welcomed young scholars in Istanbul, offering them the chance to pursue their dreams.
The Power of Planned Giving Through Real Estate
Dr. Sarıoğlu’s story shows how real estate can become one of the most impactful tools in philanthropy. For many individuals, property represents both personal history and financial value. Through strategies like bargain sales, those assets can be thoughtfully reimagined: securing personal financial needs while creating lasting impact for communities and causes. If you’ve ever thought about how to make your impact last, donating real estate might be one of the most meaningful ways to do it.
Dr. Sarıoğlu’s legacy lives on in three powerful ways:
- Education: His scholarship at Sabancı University ensures that future leaders have access to opportunity, regardless of financial barriers.
- Inspiration: His story shows how even a beloved vacation home can be transformed into a source of lasting good.
- Enduring Values: His commitment to medicine, service, and education continues to shape lives well beyond his own lifetime.
As Dr. Sarıoğlu once reflected, “My Rockport home gave my family decades of joy. Through TPF, it now gives countless others a chance at a brighter future.”
A bargain sale is a planned giving strategy that lets you sell real estate to a nonprofit for less than its fair market value. You receive part of the value in cash, and the remaining portion is treated as a charitable gift, which may qualify for a tax deduction. It’s a flexible way to turn property such as a home, vacation house, or land into a legacy gift.
Why This May Work for You:
- Keep Financial Flexibility: Receive cash from the sale while still making a significant gift.
- Tax Advantages: Potentially reduce capital gains and enjoy charitable tax deductions.
- Simplify Life: Transfer property you no longer wish to manage (like a vacation home, rental, or land).
- Create Legacy: Transform a personal asset into scholarships, community programs, or other initiatives that carry your name forward.
- Support What Matters Most: Direct your gift to education, healthcare, disaster relief, or the causes closest to your heart.
About Dr. Rıza Sarıoğlu
Dr. Ali Rıza Sarıoğlu (1921–2018) was a physician whose life reflected a deep commitment to medicine, education, and service.
He was born in Rize-Pazar, Türkiye, in 1921 and spent his early years in Trabzon, where he completed his primary and secondary schooling. In 1939, he entered the Istanbul University Faculty of Medicine, graduating in 1945 as part of a generation of physicians who would help shape modern Turkish healthcare.
Following his military service, Dr. Sarıoğlu began his professional career at Şişli Etfal Hospital in Istanbul, where he trained in pediatrics. His ambition and dedication soon took him abroad: in 1951, he traveled to the United States for advanced medical training. These years broadened his perspective, deepened his expertise, and instilled in him a lasting appreciation for international exchange in medicine and education.
When he returned to Türkiye, he specialized in allergy medicine and established his own practice in Istanbul. For decades, he cared for patients with both skill and compassion, earning the trust of countless families. He continued his medical practice until his retirement in 1987, leaving behind a reputation as both a dedicated physician and a respected member of his community.
Even after his retirement, Dr. Sarıoğlu remained devoted to advancing knowledge and opportunity. This lifelong passion ultimately shaped his philanthropy. Before his passing on November 29, 2018, he ensured that his legacy would endure through education. Working with Turkish Philanthropy Funds (TPF), he transformed his vacation home in Rockport, Massachusetts into a lasting gift. Through a bargain sale, the proceeds from the property provided scholarships at Sabancı University, empowering future generations of students in Türkiye to pursue their dreams.
Dr. Sarıoğlu’s life and his gift continue to echo the values he lived by: service, knowledge, and the belief that education can transform lives.
