Big Givers: David Koch Gets His Own Theater

by Deidre Woollard (RSS feed)
Jul 14th 2008 at 10:02AM

This past weekend I've been reading The Billionaire's Vinegar which touches on the wine collection of William Koch but it's his brother David who has been in the news most recently. David H. Koch who is said to be the wealthiest person in New York City has, according to the NY Times agreed to contribute $100 million toward the renovation of the New York State Theater. The gift will put Koch's name on the door and will also be the largest private capital donation in the Lincoln Center's history. Koch says that he has been going to the New York State Theater for 40 years (he's 68) and he was aware the theater needed modernization. As of this fall it will be known as the David H. Koch Theater making it the same big name change of a New York institution in four months for a $100 million gift. The New York Public Library will be naming its main building after the Wall Street financier Stephen A. Schwarzman in return for his donation.

Koch has an estimated net worth of $17 billion. He will donate the money over 10 years, paying the first $15 million payment this summer and then $10 million annual payment for eight years plus a final $5 million installment. The deal does specify that the theater could be renamed for a new donor after 50 years with the Koch family retaining the right of first refusal. Koch has said he believes that a naming opportunity should last for a specific amount of time so that an institution can later pursue another round of fundraising.

Tags: big givers, BigGivers, david koch, DavidKoch, new york, new york city, NewYorkCity, philanthropy, theater