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July 10, 2008, 01:10 PM ET
Oil Mogul Pledges $100-Million to New York Theater
David H. Koch, a billionaire who made his fortune in the oil and gas business, has pledged $100-million toward the renovation of the New York State Theater at Lincoln Center, reports The New York Times.
His gift, which will result in the building being named after him, represents the largest private capital donation ever awarded to Lincoln Center. The New York State Theater houses New York City Ballet and the City Opera.
“I’ve been going to the New York State Theater for 40 years,” Mr. Koch told The Times. “I can assure you, I would not make a gift of this magnitude unless I was absolutely convinced that the quality of the work was world class.”
Mr. Koch’s estimated net worth is $17-billion, which places him 10th on Forbes magazine’s list of the nation’s wealthiest individuals and 37th on its list of the world’s richest. His gift to the New York State Theater will be paid out over 10 years, with the first installment, $15-million, slated to be given this summer, according to The Times.
For more on Mr. Koch’s philanthropy, see the recent Chronicle profile.
(Free registration is required to view the Times story. A paid subscription or temporary pass is required to read the Chronicle article.)
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