June 10th 2008
Paul Newman’s Extraordinary $120 Million Gift To Charity
Filed under: donations — michael @ 2:44 pm
FOX News is reporting that actor Paul Newman has privately turned over the entire value of his ownership in Newman’s Own — the popular salad dressing and foodstuffs company — to his charitable Newman’s Own Foundation. Occurring during a two-year period between 2005-2006, the amount of the donation is said to be somewhere around $120 million.
Along with the rest of the world, Ecorazzi has been saddened to hear of Newman’s recent battle with lung cancer. The man is a legend not only in Hollywood cinema, but also in his philanthropy. From the article,
“According to Newman’s Own federal tax filing for 2006, the actor personally gave away $8,746,500 to a variety of groups that support children, hurricane relief in the Gulf Coast, education and the arts. But don’t think that Newman — who received his Kennedy Center honor in 1992 and deserves a Presidential Medal of Freedom — did this because he suddenly thought he was dying. When he set up the new foundation, he hadn’t yet been diagnosed with lung cancer. It was just in honor of his 80th birthday, and an acknowledgment that he wanted to make sure his charities would continue receiving his largesse.”
Incredible charity. Incredible guy. We wish him the best.
via FOX New
i love paul newman. he is definitely one of my heroes…and makes some killer pasta sauce too!
[...] Ecorazzi reports on Paul Newman’s staggering charitable donations. [...]
A big stain on this man’s philantropic record is his idiotic support of the relicensing of the Indian Nuclear power plant on the Hudson river. It’s put the recipients of Newman Own’s generous gifts in an awkward position. If they hold anti-nuclear sentiments, it’s now being perceived as having bought their silence!
[...] via Ecorazzi [...]