Stephen M. Ross, a self-described academically average
transfer student who graduated from the University of Michigan, will
become the school's biggest benefactor Wednesday with a gift of $200
million.
The real-estate developer's gift, the single largest in the university's history, will be split between its business school—which is named for Mr. Ross, a 1962 graduate—and its athletics program.
The university, based in Ann Arbor, said the gift would bring Mr. Ross's lifetime giving to the school to $313 million. That puts him in the upper ranks of donors to their alma maters, including New York City Mayor Michael Bloomberg, who this year committed $350 million to Johns Hopkins University in Baltimore.
"I believe you give till it feels good," Mr. Ross, 73 years old, said in an interview. Mr. Ross, a Detroit native who attended the University of Florida before transferring to Michigan and earning an accounting degree, is the founder and chairman of the 40-year-old Related Cos., a New York-based real-estate development company with some $15 billion in assets.
In 2004, Mr. Ross gave $100 million to construct a new building for the University of Michigan's business school and to bolster the school's endowment. The latest gift is meant to "finish the job" in upgrading the business school's other buildings, Mr. Ross said.
"He's finishing the vision and it's a big vision," said university President Mary Sue Coleman.
Mr. Ross, who owns the Miami Dolphins football team, played intramural sports at Michigan and has made past gifts to support student athletes. The new donation will build out the athletic campus, which will carry his name, to serve some 900 student athletes. He said he wanted to boost athletes who aren't part of Michigan's marquee sports programs.
Mr. Ross will serve as the chairman of the university's next major fundraising campaign, to begin this year. In May, Mr. Ross joined the Giving Pledge, a public commitment started by Warren Buffett and Bill Gates for the super-rich to donate the majority of their wealth. Mr. Ross said he plans to give away half of his net worth, which Forbes magazine has estimated at $4.4 billion, and Related Cos. now estimates at more than $5 billion. "I will be leaving more than I've given to Michigan, much more," he said.
Write to Melanie Grayce West at melanie.west@wsj.com
The real-estate developer's gift, the single largest in the university's history, will be split between its business school—which is named for Mr. Ross, a 1962 graduate—and its athletics program.
The university, based in Ann Arbor, said the gift would bring Mr. Ross's lifetime giving to the school to $313 million. That puts him in the upper ranks of donors to their alma maters, including New York City Mayor Michael Bloomberg, who this year committed $350 million to Johns Hopkins University in Baltimore.
"I believe you give till it feels good," Mr. Ross, 73 years old, said in an interview. Mr. Ross, a Detroit native who attended the University of Florida before transferring to Michigan and earning an accounting degree, is the founder and chairman of the 40-year-old Related Cos., a New York-based real-estate development company with some $15 billion in assets.
In 2004, Mr. Ross gave $100 million to construct a new building for the University of Michigan's business school and to bolster the school's endowment. The latest gift is meant to "finish the job" in upgrading the business school's other buildings, Mr. Ross said.
"He's finishing the vision and it's a big vision," said university President Mary Sue Coleman.
Mr. Ross, who owns the Miami Dolphins football team, played intramural sports at Michigan and has made past gifts to support student athletes. The new donation will build out the athletic campus, which will carry his name, to serve some 900 student athletes. He said he wanted to boost athletes who aren't part of Michigan's marquee sports programs.
Mr. Ross will serve as the chairman of the university's next major fundraising campaign, to begin this year. In May, Mr. Ross joined the Giving Pledge, a public commitment started by Warren Buffett and Bill Gates for the super-rich to donate the majority of their wealth. Mr. Ross said he plans to give away half of his net worth, which Forbes magazine has estimated at $4.4 billion, and Related Cos. now estimates at more than $5 billion. "I will be leaving more than I've given to Michigan, much more," he said.
Write to Melanie Grayce West at melanie.west@wsj.com
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