[sugit]

Jesus, that's a ton of money. Talk about an amazing donation. Too bad Sac couldn't get a small piece of that pie, esp considering he had all the money here. They are free do with it as they wish though.

Sounds like they are very big on education and it doesn't help we don't have a private university that he could have donated to.

I can't even imagine what that could do for UOP. The interest alone on 100M would be probably around 5M (average money market) a year

Sacramento developer, wife give $100 million to UOP
By Michelle Hatfield - Modesto Bee

STOCKTON -- Sacramento real estate developer Bob Powell and his wife, Jeannette, have donated $100 million to the University of the Pacific, transforming the university's future, officials announced Monday.

The gift is the largest in the private university's history.

Under terms of the contribution, which established the Robert C. and Jeannette Powell Fund, the university will not have access to the funds until the Powells, both 75, die. The Powells have no children, UOP officials said.

"Bob and Jeannette have been longtime supporters of Pacific and education in general," said UOP President Don DeRosa.

UOP officials still are working with the Powells to determine which programs the money will support, but both sides favor earmarking a significant portion for student financial aid.

Tuition at UOP is about $27,000, and students pay thousands more for textbooks, room and board.

About 80 percent of the university's 6,250 students receive some form of financial aid or assistance, said spokesman Patrick Giblin.

Bob Powell developed Gold River, a planned community along the American River, and the Pavilions shopping center on Fair Oaks Boulevard, both in Sacramento.

Jeannette Powell is an interior designer.

The Powells, who are very private, did not attend the press conference and reception Monday, instead sending the friends who had introduced them to the university, Ed and Joan Westgate.

Ed Westgate read a statement from the Powells: "We are so proud of our association with this fine university and are excited to make this gift to ensure an even brighter future for University of the Pacific and its current and future students."

UOP officials offered few details about the Powells, but did say neither attended UOP.

Bob Powell served on the university's 30-member Board of Regents from 1989 to 1993.

Jeanette Powell was appointed in 1999 and is still a member of the board.

The Powells previously have donated to UOP, but some gifts have not been made public. The couple gave $1.5 million in 2000 to help build an art center named after Jeannette Powell.