David Rockefeller Sr., the last surviving grandson of oil magnate John D. Rockefeller, died on March 20 in Pocantico Hills, New York at the age of 101. He was the oldest billionaire on the planet at the time of his death. During his lifetime, the billionaire heir and former chairman and CEO at Chase Manhattan bank was known for both his generous philanthropy and vast art collection. clinkerhq.com, which at the time of Rockefeller"s death estimated his net worth to be $3.3 billion, recently obtained a copy of his will, which became publicly available at the Westchester County Surrogate’s Court this month. The will revealed his plans for everything from his Maine island & personal lettersto lớn his china & airplanes.
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As one of the Giving Pledge signatories, Rockefeller had plannedto donate the bulk of his wealth khổng lồ charity upon his death. He wrote in his pledge in 2010, "Our family continues lớn be united in the belief that those who have benefited the most from our nation"s economic system have a special responsibility to lớn give sầu baông chồng khổng lồ our society in meaningful ways." His will outlines much of those plans.
While muchof his estimated $3.3 billion fortune was held in family trusts that were split up and passed to his five surviving children immediately upon his death (his son, Richard, died in a plane crash in 2014), the assets he personally controlled are largely being sold off và the proceeds given lớn non-profits & charities.
From fine art to his famed beetle collection, here"s a peekinside his will.
According lớn Rockefeller’s will, once his assets are liquidated, his estate willlikely donate over $700 million lớn various non-profits, including several lượt thích Rockefeller University, the Museum of Modern Art & Harvard to which he had already begun khổng lồ give sầu away annual installments of $5 million. This includes:
At least $15 million khổng lồ the David Rockefeller Fund.
$125 million to the Museum of Modern Art.
$100 million lớn Rockefeller University.
$109 million lớn the President & fellows of Harvard University, part of which will go to lớn the David Rockefeller Center for Latin American Studies.
$25 million khổng lồ the Council on Foreign Relations.
$25 million to lớn the Stone Barns Restoration Corporation in Pocantiteo Hills.
$trăng tròn million to lớn the Mount Desert L& & Garden Preserve sầu in Seal Harbor, Maine for the Abby Aldrich Rockefeller Fund.
$10 million to lớn the Rockefeller Family Fund.
$10 million lớn the Americas Society.
$5.5 million to the American Farml& Trust.
$5 million lớn the Maine Coast Heritage Trust.
$20 million to charities selected by the executors of his will.
Either $250 million or the balance of his residuary estate will finance the launch of the David Rockefeller Global Development Fund, a fund within the Rockefeller Brothers Fund. This will finance projects focused on global health, poverty and "promoting sustainable international development, improving the management of international finance, world trade & the global economy, và strengthening multilateralism, and advancing far-sighted, collaborative và constructive United States foreign policies."
According to his will, his kids have sầu first dibs to buy certain properties at fair market value but others will be donated lớn historic preservation trusts, lvà preserves or sold off lớn fund his philanthropic gifts. The ones that they can buy include his townhouse at East 65th Street in Manhattan, Columbia County property in Thủ đô New York & theRinging Point và Dunmê mệt estate in Maine.Buckle Isl&, a tiny island off the coast of Maine near Mt. Desert Islandis the only property he left specifically khổng lồ one of his children--his daughter, Eileen. Meanwhilethe "Playhouse" building, part of his family"s famous 250-acre estate called "Kykuit" inPocantico Hills will be donated khổng lồ the National Trust for Historic Preservation. Built in 1927, the Playhouse served as theplace for David & his brothers lớn hold meetings fortheir Rockefeller Brothers Foundation beginning in the 1940s.
Rockefeller started collecting beetles at age 7 & continued lớn collect the insects for roughly nine decades, eventually amassing more than 150,000 specimens. "Whenever I go on a trip, I always carry a jar in my pocket in case I run across beetles," hetold clinkerhq.com in 2010. His collection will be donated to the Harvard Museum of Comparative sầu Zoology along with a $250,000 gift lớn install & maintain everything.
The Lucy Truman Aldrich Collection of Rare Illustrated Children"s Books including a phối of chapbooks, which were small paper booklets popular in the 17th và 18th centuries that typically contained poetry, children"s stories or folk tales, will go khổng lồ Brown University. (Lucy Truman Aldrich was Rockfeller"s maternal aunt.)
Papers and writings
Any letters, documents or writings that Rockefeller wrote during his lifetime will go to the Rockefeller Archives Center in Pocantiteo Hills.
Rockefeller’s children each have the option lớn take up to lớn $1 million worth of his personal property as a gift. After that, they have sầu to purchase the items at fair market value. Rockefeller"s will states, "I make this bequest with the thought that it will enable each of my children ... lớn select items which are particularly meaningful lớn hyên or her." While the will doesn"t state an exact catalog of his property, it does danh mục items lượt thích silver, china, linen, engravings, etchings, carriages, wagons as well as horses, dogs, cows, sheep và "other livestoông chồng." Items his children don"t take will be sold, and proceeds will go toward funding the philanthropic gifts listed above.
While Rockefeller owned about 4,500 works of art, he only chose to donate a select group to various museums up and down the East Coast. The bulk of that selection is going khổng lồ the Museum of Modern Art, which his mother helped found. The rest of his art, which includes not only fine art but also porcelain và Asian objects among other works, will be sold, và the proceeds given to lớn the causes he selected above sầu. Hard bound catalogs that describe his art collection in full are lớn be donated as well. Here are some of the works lớn be gifted:
"Paysage de Banlieu" a painting by Maurice de Vlaminck to the Museum of Fine Arts in Boston.
"Landscape Near Pontoise"a paintingby Camille Pissarro lớn the National Gallery of Art in Washington, D.C.
"River Cove"a paintingby Andrew Wyeth khổng lồ the Portl& Museum of Art in Portlvà, Maine.
"La Brioche"a paintingby Edouard Manet khổng lồ the Metropolirã Museum of Art in Thủ đô New York.
"Death of the Virgin"a paintingby Martin Schongauer to lớn the Pierpont Morgan Library in Thành Phố New York.
Four reverse painted portraits entitled "Somer", "Elizabeth", "Betty", và "Laura" as well as "Clarendon Dix" và "Othello & Desdemona" by MicheleFelice Corne lớn the Colonial Williamsburg Foundation in Williamsburg, Virginia.
Various "oriental sculpture" located in the Abby Aldrich Rockefeller Garden will be divided up và given to lớn the Museum of Fine Arts in Boston & the Mount Desert Land & Garden Preserve sầu in Seal Harbor, Maine.
A collection of Native American paintings & artifacts originally assembled by David’s parents, John D. Rockefeller Jr. và Abby Aldrich Rockefeller, are to lớn be maintained in their current state inside one of Rockefeller’s Maine homes by the Mount Desert Lvà và Garden Preserve sầu.
And the following paintings to the Museum of Modern Art in New York: "The Promenade" by Bonnard, "Landscape at l"Estaque (1907)" by Georges Braque, "Boy in Red Waistcoat", "La Montagne Saint Victoire" và "Still Life with Fruit Dish"by Paul Cezanne, "Charing Cross Bridge" by Andre Derain, "Le 14 Juillet au Havre" by Dufy, "Portrait of Meyer de Haan" by Paul Gauguin, "Interieur a la Fillette (La Lecture) (1905-1906)" by Henri Matisse, "Le Coq (1938)", "Woman and Dog under a Tree" và "The Reservoir, Horta (1909)" by Pablo Picasso & "Portrait of M. Felix Feneon in 1890" by Paul Signac.
How does David"s will compare khổng lồ that ofJohn D. Rockefeller"s other grandchildren?
According khổng lồ Rockefeller family historian Peter Johnson, David"s giving strategy called to lớn mind his brothers John and Laurance. When David"s oldest brother John Rockefeller III died in 1978, similar khổng lồ what David has done, he left most of his estate khổng lồ a series of non-profits that he"d been cthua kém to lớn during his life lượt thích the Asia Society and the nhật bản Society, as well as khổng lồ his own John D. Rockefeller III fund. Butwhen John died, his wife was still living, so she received half of his estate. However, after she died in 1992 her estate gave additional funds to lớn the causes John had.