david koch

Billionaire David Koch Plans Pretty Fountains For The Met

Like the fountains at New York City's Lincoln Center? Then you'll want to keep an eye on the Metropolitan Museum of Art where philanthropic billionaire David H. Koch plans to spend at least $10 million on dramatic new fountains for the cultural landmark. The Wall Street Journal reported last week that Koch had said he pledged "at least $10 million" for the project.

The overall sprucing up of the exterior will include updating the museum's exterior lighting and the entire plaza as well as renovating the dormant oval fountains. Koch was inspired by the Lincoln Center's Revson fountain with its dramatic dancing display. That fountain was created by fountain architect Mark Fuller of WET Design. WET is best known for the fountains at the Bellagio hotel in Las Vegas. (The New Yorker had a fascinating piece on the details of the Lincoln Center Fountain back in January).

Koch knows a little something about the Lincoln Center. In 2008 he agreed to contribute $100 million toward the renovation of the New York State Theater. The gift put Koch's name on the door (it's now known as the David H. Koch Theater) and was the largest private capital donation in the Lincoln Center's history. He is the executive vice president of Koch Industries, Inc. and has an estimated net worth of $17.5 billion.

Koch's is the first major gift dedicated to the Met's exterior renovations. The fountains were installed in the early 1970s, a gift from Lila Acheson Wallace, a co-founder of Reader's Digest. The Wall Street Journal also points out that the fountains are designated landmarks and any changes must be approved by the Landmarks Preservation Commission.

Tags: david koch, fountains, lincoln center, metropolitan museum of art, new york city, philanthropy

Big Givers: David Koch Gets His Own Theater

by Deidre Woollard (RSS feed) —

Filed under: Big Givers

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.

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