A family fight is casting doubt on whether a billionaire businessman’s $60-million gift to a San Diego hospital will be fully paid, reports The San Diego Union-Tribune.
Rady Children’s Hospital was named for the La Jolla philanthropist Ernest Rady after he made the pledge in 2006. But relatives of Mr. Rady’s who have stakes in American Assets, the family’s real-estate and financial company, say they never signed off on plans for the firm to cover more than half the gift and only learned of their part in the gift in a 2009 appraisal of American Assets’ holdings.
The relatives have gone to court to block payment of $21-million pledged by the company but said they will not seek the $12-million it has already given the hospital.
The gift from Mr. Rady was one of the biggest gifts of 2006, according to The Chronicle of Philanthropy’s rankings.
2 Responses to Donor’s Family in Court Over Donation to San Diego Hospital
sporas - February 26, 2010 at 4:13 pm
Hey,I saw this article about Rady Children’s Hospital — very interesting!Thanks again – have a good weekend!Laura
robsat1845 - February 26, 2010 at 4:15 pm
This is no big deal. Ernest will simply use personal funds to cover the donation. I guess now his family is unhappy they did not take his buy-out offer when the company was worth more. Oh well…