In what is believed to be the largest gift ever to a public park, hedge fund manager John A. Paulson, 56, has pledged $100 million to the Central Park Conservancy, the organization that maintains New York City's famous Central Park.
The billionaire founder and president of Paulson & Co. considers Central Park "the most democratic of New York's great culture institutions," the Associated Press reports, saying that his donation will benefit every New Yorker.
"An urban oasis for visitors from all over New York City and the world, Central Park's significance to New York cannot be overstated," Paulson said, adding that he visits the 843-acre park almost daily to run or bike.
Half of the donation will go toward financial maintenance, while the other half will cover capital improvements. Most unusual for a donation this large, Paulson is not asking for anything in the park to bear his name.
The pledge will be paid out by Paulson and his Paulson Family Foundation over five years: $60 millionRead More »from Billionaire hedge fund manager pledges $100 million to NYC’s Central Park