Harry Weinberg (1908–1990) was an American billionaire businessman who founded The Harry and Jeanette Weinberg Foundation, Inc., a private charitable foundation, with over $2 billion in assets in 2018 and headquartered in Owings Mills, Maryland and Honolulu, Hawaii. The foundation is named for Weinberg and his wife of 58 years, Jeanette Gutman Weinberg (1909–1989).
One of his earliest ventures was selling souvenirs for celebrations at the end of World War I. He dropped out of school at age 12 and worked in his father's car repair shop.[1]
During the Great Depression of the 1930s, he and his brother William would buy properties at depressed prices, fix them up, and resell them for a profit. Throughout his career he was known for being a keen judge of undervalued assets, and having the patience to wait for their values to increase.[2] In Honolulu, Hawaii, he repeated this with the Fifth Avenue Coach Company, in Scranton, Pennsylvania and Dallas, Texas. He started buying stock in the Honolulu Rapid Transit Company in 1955, eventually gained control, slashed costs, and then sold it at a profit to the City & County of Honolulu (it is now known as TheBus) in 1971.[3] In 1968 he moved to Hawaii where he died November 4, 1990. His investments included Amfac, Inc., Maui Land & Pineapple Company,[4]Alexander & Baldwin, and other real estate ventures.
In 1932 he married Jeanette Gutman (1910–1989). In 1984, he had donated funds to air condition all of Israel's nursing homes.
His wife having predeceased him, on his death in 1990, he was survived by son Morton Weinberg, and left $3 million to his grandchildren. His will left the remainder, almost US$1 billion of property, to the Harry and Jeanette Weinberg Foundation they had founded in 1959.[5]
FoundationEdit
The Harry and Jeanette Weinberg Foundation was originally established in 1959. Upon his death in 1990 he left $3 million to his grandchildren. His will left almost US$1 billion of property to the foundation.[5]
Weinberg's will specified that 25 percent of annual distributions will go to Jewish charities and further specifies that the proceeds shall be used for the benefit of the poor, and bans gifts to music or arts institutions.[6] The assets continued to grow in value, while large grants enabled entire buildings to be built, such as the Harry and Jeanette Weinberg Memorial Library at the University of Scranton.
Throughout Baltimore and the Hawaiian Islands, many major civic and private buildings and complexes were named after Harry and Jeanette Weinberg. Before his death in 1990, he had decreed that any building for which his charitable foundation gave more than $250,000 would have the couple's name on it somewhere...(Weinberg's) charter allows the foundation to contribute no more than 30 percent of a project's cost. [Baltimore Sun December 07, 2003|By Kate Shatzkin] One of the largest projects named in their honor was the Filipino Community Center in Waipahu, Hawaii, dedicated by Philippines PresidentGloria Macapagal Arroyo and representatives of President of the United StatesGeorge W. Bush in 2002. The Filipino Community Center is one of the largest ethnic and cultural centers in the United States. Other projects include the Ko Olina Resort, which asked for $75 million in tax credits.[3]
The Harry and Jeanette Weinberg Foundation is administered by a board of trustees that at times includes members of the Weinberg family. Members are usually professionals residing in Honolulu and Baltimore.
ReferencesEdit
^Glenn Fowler (November 6, 1990). "Harry Weinberg, 82, Businessman In Transit and Real Estate, Is Dead". The New York Times. Retrieved November 15, 2010.
^Bernard W. Stern (1986). "Part III: The Weinberg Era". Rutledge Unionism: Labor Relations in the Honolulu Transit Industry. University of Hawai'i, Center for Labor Education & Research.
^ abIan Lind (May 22, 2002). . Honolulu Weekly. Archived from the original on July 12, 2011.
^Harry Eagar (April 10, 2005). "Old leaders question new ones at ML&P". The Maui News. Retrieved November 15, 2010.
^ ab. Time. November 19, 1990. Archived from the original on November 26, 2010. Retrieved November 16, 2010.
^"Harry Weinberg's Legacy". Baltimore Sun. November 4, 1990. Retrieved August 17, 2022.
External linksEdit
Harry and Jeanette Weinberg Foundation
Will Hoover (July 2, 2006). . Honolulu Advertiser. Archived from the original on 2007-07-10.
October 14, 2023
harry, weinberg, 1908, 1990, american, billionaire, businessman, founded, harry, jeanette, weinberg, foundation, private, charitable, foundation, with, over, billion, assets, 2018, headquartered, owings, mills, maryland, honolulu, hawaii, foundation, named, we. Harry Weinberg 1908 1990 was an American billionaire businessman who founded The Harry and Jeanette Weinberg Foundation Inc a private charitable foundation with over 2 billion in assets in 2018 and headquartered in Owings Mills Maryland and Honolulu Hawaii The foundation is named for Weinberg and his wife of 58 years Jeanette Gutman Weinberg 1909 1989 Contents 1 Biography 2 Foundation 3 References 4 External linksBiography EditWeinberg was born in 1908 in Galicia then part of the Austro Hungarian Empire His father Joseph Weinberg came to Baltimore Maryland in the US and sent for his family in 1912 One of his earliest ventures was selling souvenirs for celebrations at the end of World War I He dropped out of school at age 12 and worked in his father s car repair shop 1 During the Great Depression of the 1930s he and his brother William would buy properties at depressed prices fix them up and resell them for a profit Throughout his career he was known for being a keen judge of undervalued assets and having the patience to wait for their values to increase 2 In Honolulu Hawaii he repeated this with the Fifth Avenue Coach Company in Scranton Pennsylvania and Dallas Texas He started buying stock in the Honolulu Rapid Transit Company in 1955 eventually gained control slashed costs and then sold it at a profit to the City amp County of Honolulu it is now known as TheBus in 1971 3 In 1968 he moved to Hawaii where he died November 4 1990 His investments included Amfac Inc Maui Land amp Pineapple Company 4 Alexander amp Baldwin and other real estate ventures In 1932 he married Jeanette Gutman 1910 1989 In 1984 he had donated funds to air condition all of Israel s nursing homes His wife having predeceased him on his death in 1990 he was survived by son Morton Weinberg and left 3 million to his grandchildren His will left the remainder almost US 1 billion of property to the Harry and Jeanette Weinberg Foundation they had founded in 1959 5 Foundation EditThe Harry and Jeanette Weinberg Foundation was originally established in 1959 Upon his death in 1990 he left 3 million to his grandchildren His will left almost US 1 billion of property to the foundation 5 Weinberg s will specified that 25 percent of annual distributions will go to Jewish charities and further specifies that the proceeds shall be used for the benefit of the poor and bans gifts to music or arts institutions 6 The assets continued to grow in value while large grants enabled entire buildings to be built such as the Harry and Jeanette Weinberg Memorial Library at the University of Scranton Throughout Baltimore and the Hawaiian Islands many major civic and private buildings and complexes were named after Harry and Jeanette Weinberg Before his death in 1990 he had decreed that any building for which his charitable foundation gave more than 250 000 would have the couple s name on it somewhere Weinberg s charter allows the foundation to contribute no more than 30 percent of a project s cost Baltimore Sun December 07 2003 By Kate Shatzkin One of the largest projects named in their honor was the Filipino Community Center in Waipahu Hawaii dedicated by Philippines President Gloria Macapagal Arroyo and representatives of President of the United States George W Bush in 2002 The Filipino Community Center is one of the largest ethnic and cultural centers in the United States Other projects include the Ko Olina Resort which asked for 75 million in tax credits 3 The Harry and Jeanette Weinberg Foundation is administered by a board of trustees that at times includes members of the Weinberg family Members are usually professionals residing in Honolulu and Baltimore References Edit Glenn Fowler November 6 1990 Harry Weinberg 82 Businessman In Transit and Real Estate Is Dead The New York Times Retrieved November 15 2010 Bernard W Stern 1986 Part III The Weinberg Era Rutledge Unionism Labor Relations in the Honolulu Transit Industry University of Hawai i Center for Labor Education amp Research a b Ian Lind May 22 2002 Weinberg s Legacy The unassailable 2 billion Weinberg Foundation now wants 75 million of taxpayer money Honolulu Weekly Archived from the original on July 12 2011 Harry Eagar April 10 2005 Old leaders question new ones at ML amp P The Maui News Retrieved November 15 2010 a b Philanthropy In the End a Friend Indeed Time November 19 1990 Archived from the original on November 26 2010 Retrieved November 16 2010 Harry Weinberg s Legacy Baltimore Sun November 4 1990 Retrieved August 17 2022 External links EditHarry and Jeanette Weinberg Foundation Will Hoover July 2 2006 Harry Weinberg Honolulu Advertiser Archived from the original on 2007 07 10 Retrieved from https en wikipedia org w index php title Harry Weinberg amp oldid 1163175155, wikipedia, wiki, book, books, library,
