 |
|
|
|
|
|
The Philanthropy 50: Americans Who Gave the Most in 2008
Leona M. Helmsley
Rank: 1
Total amount committed in 2008: $5.2-billion
Location: New York, New York
Source of wealth: Family wealth, Hotels
Donor's background: Ms. Helmsley was the head of the Helmsley Hotel Chain, in New York.
Ms. Helmsley, who was 87 when she died in 2007, bequeathed property, cash, stocks, and bonds worth an estimated $5.2-billion --most of her estate-- to the Leona M. and Harry B. Helmsley Charitable Trust, which is poised to become one of the wealthiest foundations in the country because of the bequest.
The estate filed an inventory of Ms. Helmsley's assets with the Surrogate's Court of the State of New York in November, which shows approximately how much money her estate is worth. The estate is still in the process of being settled, and given the taxes it will have to pay on $52.1-million in bequests to family members and others, and the current volatility of the financial markets, the bequest's value could change.
The Leona M. and Harry B. Helmsley Charitable Trust currently has assets valued at approximately $2.9-billion, said a spokeswoman for the trust.
"It is difficult to predict the amounts which will be generated by the sale of real-estate interests still held by [Ms. Helmsley's estate], all of which will be transferred to the charitable trust. The trustees are hopeful that those sales, coupled with the assets presently in the trust, will result in the trust's assets totaling approximately $5.2-billion," the spokewoman said.
The foundation will support the care and welfare of dogs, according to a mission statement Ms. Helmsley signed in March 2003.
Her intention to give the bulk of her estate to support dogs has caused both amusement and outrage, and it is unclear whether her trustees will follow her directions explicitly and establish the foundation solely for canines' benefit. One change in her estate was made in June, when the $12-million Ms. Helmsley left to a trust for her dog, a white Maltese named Trouble, was reduced to $2-million by a New York judge who ruled that the remaining $10-million would go to the charitable trust.
The 2003 mission statement also raises questions about the focus of the foundation. In that document, Ms. Helmsley states that while the charitable trust should support the care of dogs, it should also support "medical and health-care services for indigent people, with emphasis on providing care to children," and support a hospital, to carry out such care. The 2003 document also gives the trustees some room to determine other causes the foundation could support.
In March 2004, however, Ms. Helmsley signed another mission statement that revoked the 2003 document. In the new statement, Ms. Helmsley dropped the provision to help people.
About These Data
The giving figures listed for each individual are based on donations announced to date by the donors or their beneficiaries. In cases of bequests, most of the figures are estimates because the wills have not been settled. For news of gift announcements in 2009, visit the America's Top Donors database.
If you know about a recent gift of $1-million or more that should be added to this directory, please send a message to gifts@philanthropy.com.