Sorry, no. As with any other charitable contribution, you can not deduct the amount of money you might have saved the organization, you can only deduct the fair market value of the property that was donated.
Some special rules apply to real estate and whether it was used previously for business or rental. If this was personal property and it was worth less than you originally paid for it, you can only deduct its fair market value at the time of the donation. If it was worth more than what you paid (although this seems unlikely under the circumstances), and you held it longer than one year, you can claim the fair market value. If you held it less than one year, you can claim the amount you paid.
If this was income-producing property and you previously claimed depreciation on it, you can only claim the remaining (residual or non-depreciated) basis in the property, regardless of how long you owned it.
Also remember that in all cases, the value of the land is separate from the value of the structure. If you kept ownership of the land, then you can only deduct the value of the structure. If you also donated the land, then you need to figure the value of the structure and the value of the land separately. The value of the structure is determined according to the rules I mentioned above. The value of the land is either what you paid for it (if you held it less than a year) or the current fair market value (if you held it more than a year). The value of the land is not affected by any prior depreciation since land does not depreciate.
