Grace Groner passed away on January 19, 2010 at the age of 100. Groner had become accustomed to living frugally, having lived through the great depression of the 1930's. Groner used to buy her clothes from rummage sales, Groner never owned a car. http://weeklyworldnews.com/headlines/16349/secret-millionaire-donates-fortune/ She used to walk everywhere. Groner's one bedroom house was sparsely furnished and had an ancient television.
Groner's one little luxury in life was to invest $180,000 in a scholarship program for her former college, Lake Forest College, Illinois. http://imprint-tv.blogspot.com/2010/03/grace-groner-university-angel.html Upon her death, Groner's attorney William Marnatt passed on the news that Lake Forest College would benefit from a will in the value of seven million dollars and a small cottage.
Groner was able to make the investment because in 1935 she had bought 3 X $60 shares in a company called Abbot Laboratories. The shares changed identity and split numerous times for the next seven decades, Groner retained the shares and reinvested all dividends proceeds. Even though Groner died a wealthy woman she had lived life as if she had only meager means.
The seven million dollars is to be invested into a foundation which will help provide internships and study abroad programs to many Lake Forest College students in the future. http://dailypostal.com/2010/03/05/grace-groner-secret-millionaire-true-amazing-grace/ Stephen Schuck, the president of Lake Forest College commented: "It will be an appropriate memorial to a woman whose life was a testament to the higher possibilities of wealth." http://www.nowpublic.com/world/secret-millionaire-donates-fortune-lake-forest-college-2586998.html
Groner also left her small cottage to the college. Lake Forest College have decided to turn this into residential quarters for women who receive foundation scholarships. Fittingly the cottage will be called "Grace's Cottage" in memory of her name and what she did for the college.
The Lake Forest College have published this announcement on their website: "The Chicago Tribune chronicled how Grace Groner turned a $180 investment made in 1935 into a $7 million gift to fund internships and study abroad programs for students. Several other news outlets then picked up the story, including the Associated Press, World News Tonight with Diane Sawyer and Good Morning America."http://www.lakeforest.edu/admissions/news/news_story.asp?iNewsID=1007&strBack=/Default.asp
References
Fast Facts
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Date of Death
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Age at death
100
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Estate left
$7 Million + a cottage
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Beneficiary
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Reason for estate
The $7M estate originated from a $180 purchase of shares in 1935
