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Saturday, Jun 10, 2023

Ludwig Charity Donates $540 Million

A foundation established by the late Daniel Ludwig, a shipping magnate and founder of Westlake Village, has donated $540 million to six cancer programs. Ludwig Cancer Research will give the money to programs at Johns Hopkins University, Harvard University, Massachusetts Institute of Technology, Memorial Sloan-Kettering Cancer Center, Stanford University and the University of Chicago. The new funding, announced Monday, brings the Ludwig estate’s total donation to cancer research to $2.5 billion. Ludwig, who was born in Michigan and lived mostly in New York City, made his money in shipping and later expanded into agriculture, oil, banking and real estate development. His American-Hawaiian Steamship Co. bought 5,000 acres and developed the master planned community of Westlake Village in the 1960s. The community featured a private artificial lake and the first golf course in the nation lighted for evening play. By 1974, Ludwig had sold off most of his Westlake holdings. In 1971, he founded Ludwig Cancer Research, inspired by the “War on Cancer” of President Richard Nixon. Ludwig died in 1992. The latest $540 million donation came from the sale of New York real estate in Ludwig’s portfolio. The money will support research and training for cancer scientists.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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