Hes known as the Bond King in American finance and the Old Grey Lady herself even referred to him as the nations most prominent bond investor. But Melanie Lundquist, who volunteered at the hospitals front desk for more than a decade, said she saw firsthand the vital services Torrance Memorial provides. Thats $35,800,000 that this mysterious trust threw down in the span of a week all cash. The Lundquists have also spurred biomedical innovation and research through their significant gifts to The Lundquist Institute and have supported McPherson College with the largest-ever gift to a private liberal arts college in Kansas. But as far as Yolanda knows, nobody else on the interwebs has discussed them yet. The Lundquists have been involved with the hospital for several years, both as patients and donors. Patients will no longer need to be referred out of the South Bay for neurological care, Torrance Memorial Chief Executive Craig Leach said. There were infrastructure upgrades for some of the most neglected facilities, but there were also elements that reached deeply into the operations of the schools, including teacher-support programs, academic and other coaching for students, and advice and engagement efforts for parents. But the monetary outlay required also prompted bond-rating service Moodys to downgrade the hospital last November. William H. Bill Gross, for those who dont know, is a very famous American financier who co-founded asset management giant PIMCO way back in 1971. LOS ANGELES - Southern California philanthropists Melanie and Richard Lundquist have donated $70 million to the Los Angeles Biomedical Research Institute (LA BioMed), a gift that will transform the institution by giving it a sustainable source of unrestricted funding to recruit and retain top researchers and provide the needed support and But if there was a house there, it was demolished faster than yall can snap your fingers twice. But, as is common with really rich folks, the Grosses had a change of heart and instead flipped the vacant lot on the market with a ballsy asking price of $26,900,000 in 2011. Gross currently owns Ohana, the large and luxe spread he bought from Jennifer Aniston in 2011 for an unprecedented $35,000,000. This is humbling for Richard and me. While Mr. They are also continuing to take an active role in helping the nonprofit raise money from others. Gross has done much with the large spread across the street in the past two years. However, the two-story structure next door appears to be under construction/renovation. Other nearby Indian Wells neighbors include a multitude of billionaires: worlds richest man Bill Gates, industrialist Charles Koch, Montanas richest man Dennis Washington, Texas ranch/oil heiress Anne Windfohr Marion, and Mercedes-Benz heiress Ingrid Flick. Richard also serves on the El Segundo Economic Development Corporation Board of Governors and the Lundquist Institutes Board of Directors. Senator Jerry Moran. I think they achieved that., He added, We had originally targeted around $50 million to $75 million (in donations) from the community in cash and pledges. Philanthropists Melanie and Richard Lundquist have donated $32 million to Torrance Memorial Medical Center to improve neurological, orthopedic and spinal care at the hospital. He has a net worth of $5 billion. Their contributions to the medical center and the Partnership for Los Angeles Schools reveal an overriding aspect that surrounds most of the Lundquists giving: They prefer to devote their biggest donations to groups they seek out and get to know over time, and they want those donations to have a big impact on the organizations and people they are trying to help. The gift announced this week brings the couples total contributions to the hospital to $100 million over the last 11 years. Melanie and Richard Lundquist are agents of change and two of Californias most significant philanthropists. The Lundquists dont have children. $25M Surprise Gift Announced During McPherson College Commencement. Then Mr. An Update for Readers on Our New Nonprofit Status, Physicist From Humble Origins Showers Cash on Education. McPherson College is important to the success of our state, and this gift will not only help the college continue to grow, but it will also greatly benefit the McPherson community. Dirt is a part of Penske Media Corporation. Melanie and her husband Richard are agents of change and two of . 2023 Dirt.com, LLC. The hospital currently operates at 75 percent occupancy. Richard is considered one of Californias most respected real estate developers. But Saturdays grand opening for the 390,000-square-foot tower will include nurses in vintage uniforms and appearances by actors playing hospital founders Jared Sydney and Helena Torrance. Mr. A little web research reveals he is CEO of the Quinn Group, a massive Fresno, CA-based lessor of Caterpillar tractors and related equipment. This January, they announced publicly an additional $35 million ten-year commitment they made to the Partnership late last year. The Lundquists other philanthropic passion, health care, has been demonstrated mainly through a series of gifts totaling nearly $100 million to the Torrance Memorial Medical Center, just south of Los Angeles. Gross, not counting taxes, carrying costs, real estate fees, etc. The duo, whose wealth stems largely from Bill Gates's role as co-founder and longtime CEO of Microsoft, gave away nearly $4.8 billion last year. Some of the funding will also go toward improving the care delivered to surgical and intensive care unit patients, he said. About Dr. Richard Lundquist, LHD Dr. Richard Lundquist, LHD, is a native and lifelong resident of Southern California. By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners. August 3, 2022 | Giving Pledge signatories Lyda Hill and Lynn Schusterman, along with Lynn's daughter, Stacy Schusterman, are among this year's recipients of the Carnegie Medal of Philanthropy for their exemplary track record of giving and the impact of their generosity. We are deeply grateful to Richard and Melanie for their incredible generosity to McPherson College. These transactions we are about to discuss all occurred about two years ago. We knew going in this (project) was a big (financial) stretch.. They have appeared four times on The Philanthropy 50, the annual list of Americas 50 most generous philanthropists. In February 2008, the company completed construction of and opened the InterContinental San Francisco, the largest new hotel developed in San Francisco in the last thirty years. Richard and Melanie Lundquist "For us, philanthropy is the meaning of life and also what gives our lives true meaning. This five-year fellowship program seeks to further develop students who have demonstrated outstanding leadership and commitment to their schools, education, and communities with an academic scholarship and opportunities for personal and professional growth. https://www.youtube.com/watch?v=8C5NLfYdZaE, Get our latest stories in the feed of your favorite networks. She writes about wealthy philanthropists, arts organizations, key trends and insights related to high-net-worth donors, and other topics. Knatz was the first donor to AltaSeas Doors to the Future Campaign, purchasing Door No. The couple also helps the medical center attract additional dollars by speaking to groups of potential donors and working with hospital leaders to cultivate relationships with wealthy philanthropists. jscott@vectisstrategies.com During the past twelve months, AltaSea has secured $24 million in local, state, and federal funding commitments and is a finalist for a $32 million U.S. Economic Development Administration federal grant. To apply, access the application by clicking here. Their gifts have created the Partnership for Los Angeles Schools, a sustainable, national transformation model for underserved non-charter K-12 public schools and they have made the largest single donor contribution to a non-teaching/training hospital in the United States to establish cardiovascular, neuroscience and orthopedic institutes and the expansion of the emergency department at Torrance Memorial Medical Center. The underlying foundation of the big picture for everything is education and health care; theyre basic human rights to us., A version of this article appeared in the. WATCH: Melanie Lundquists announcement of gift to McPherson College. At times, it will not be easy. Continental Development also developed Continental Park, considered the largest mixed-use office park in Los Angeles County. You may then be asked to log in, create an account if you don't already have one, Once javascript and access to those URLs are allowed, please refresh this page. They have carved out a path less traveled helping to improve outcomes for people, especially those living at the margins. The $32-million gift will go toward the creation of an orthopedic and spine institute as well as a neuroscience institute. The nonprofit grew out of Melanie Lundquists search to find an organization or a program that would work steadily over time to repair and transform what she views as the nations broken school systems. All Rights Reserved. I am proud to be joining the board and look forward to helping AltaSea become an even greater engine of innovation and inspiration, especially for our young people. And theyve taken a very unusual approach to naming rights one that sacrifices their own vanity for the sake of the institution. Melanie and Richard Lundquist are among California's most significant philanthropists, having pledged more than $325 million in charitable contributions toward educational, medical, and. But we took a look at recent (2016) aerial imagery and it does not appear that Mr. Richard and I talked about it. In 2007 the couple pledged over $50m to schools in Los Angeles. Its named after the Palos Verdes Estates philanthropists who contributed $50 million to the project and have donated about $70 million to the hospital overall through the years. Eventually, patients will be able to order meals akin to room service in a hotel, request housekeeping services and buy gift shop items. Send us a tip using our anonymous form. The Lundquists are signatories of the Giving Pledge, the movement where some of the worlds wealthiest individuals and couples commit to give more than half their wealth away. Prior to that, she was managing director of the Port of Long Beach. She also lends her support to the Fulfillment Fund's endowment fund for college scholarships, and has taken active roles in Inner City Arts, United Friends of the Children, and Alliance for Children's Rights, among others. They choose not to follow the crowd; instead, they seek to kick off a virtuous cycle that attracts other donors. Both Melanie and Richard were recognized by the Los Angeles Unified Board of Education in 2018 for their efforts to accelerate student achievement in the nations second-largest school district. Richard holds an undergraduate Bachelor of Science from the University of Southern California. 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