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Silicon Valley Developer Gives $151M Gift To Stanford

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PALO ALTO (CBS/AP) — Stanford University said a $151 million donation is the largest gift the school has ever received from a single living person.

The university announced the donation from Silicon Valley real estate developer John Arrillaga Sr. on Monday.

It’s not the first philanthropic record made by Arrillaga. The 1960 graduate gave the university $100 million in 2006 — then the largest donation of its kind. His name graces buildings across campus and his family’s endowed scholarships support 50 students a year.

Officials say the newest donation was not designated for a single purpose but will be used for “a variety of university projects.”

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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