Philanthropist and oilman T. Boone Pickens, who appeared on the Chronicle’s annual list of the biggest donors five times over the years, died today at age 91.
With a net worth that once stood at just over $1 billion, the brash Texan had whittled down his fortune by giving at least $790 million to nonprofits since 2003, according to a Chronicle tally.
Some of his biggest gifts went to his alma mater, Oklahoma State University. Pickens pledged at least $500 million to the institution over the years and said those pledges would be fulfilled upon his death. A 1951 graduate who majored in geology, Pickens founded Mesa Petroleum, an oil company, in 1956, and BP Capital Fund Advisors, an energy-investment firm, in 1996, gaining a reputation as a rabble-rousing corporate raider.
Some of his gifts to the university caused controversy. In 2006, he pledged $165 million to the athletics department. The university invested all of the money, as well as other donations, in Pickens’s hedge fund. The value of the investment plunged, and Pickens ended up donating an additional $63 million to the athletics department in 2008 to make up for the shortfall and complete projects started under the original gift.
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