Over the past 16 years the Alpert Foundation has given grants to CalArts in order to support the Dizzy Gillespie chair in music, the Dizzy Gillespie Recording Studio, music programs, scholarships and community education programs for children. WIth the $15 million, Alpert has now given nearly $24 million to the school. The foundation has also donated $100 million to musicians, students and other programs around the country.
How does a trumpeter have so much money? Alpert and Jerry Moss sold A&M records to PolyGram in 1989 for a reported $500 million and are also said to have picked up an additional $363 million in stock and cash when they sold a music publishing company to Seagram in 2000.