Alice Walton
Encyclopedia
Alice Louise Walton is an American heiress to the Wal-Mart
fortune. She is the daughter of Wal-Mart founder Sam Walton
and Helen Walton
, and sister of S. Robson Walton
and Jim Walton
. Another brother, John T. Walton
, died in a 2005 plane crash. In September 2011, her estimated net worth was US$
20.9 billion, making her the tenth richest American.
in San Antonio, Texas
, with a B.A. in economics and finance. She began her career in finance as an equity analyst and money manager for First Commerce Corporation and later served as vice chairperson and head of all investment-related activities at the Arvest Bank Group. In 1988, Walton founded Llama Company, an investment bank engaged in corporate finance, public and structured finance, real estate finance and sales and trading. She served as President, Chairperson and CEO. For a time, she was a broker for E.F. Hutton.
She was the first chairperson and driving force behind the Northwest Arkansas Council. This community development organization played a major role in securing the development of the Northwest Arkansas Regional Airport
. In the late 1990s Walton closed Llama Company and moved to a 3,200 acre ranch in Milsap, Texas
, named the Rocking W Ranch. An avid horse-lover, Walton currently lives in a modest one story 4,432 square foot stucco house on the horse ranch. She is known for having an eye for determining which 2 month-olds will grow to be champion cutters.
Walton arranged for and provided the initial seed capital to finance the construction of the airport. Her involvement was instrumental in the creation of the airport, and in recognition of her contribution to the airport project and her support of transportation improvements throughout the region, the Airport Authority Board of Directors named the airport terminal the Alice L. Walton Terminal Building. In 2001, Walton was inducted into the Arkansas Aviation Hall of Fame.
She was the twentieth largest individual contributor to 527 committees in the U.S. presidential election, 2004, donating US$2.6 million to the conservative Progress for America group.[2] During the 2004 election cycle, Progress for America
ran advertisements supporting the Iraq war and praising George W. Bush
for preventing "another 9/11".
In his 1992 autobiography "Made in America", Sam Walton
remarked that Alice was "the most like me - a maverick - but even more volatile than I am."
for Medical Sciences at Little Rock and the Board of Advisors for the University of Arkansas Graduate Business School at Fayetteville.
In 1996, the University of Arkansas established the Alice L. Walton Chair in Finance, allowing the university, through its College of Business Administration, to pursue educational excellence on a national and international level.
Walton's vision led to the creation of Camp War Eagle
, a Christian summer camp in Northwest Arkansas that brings together children of differing socio-economic backgrounds.
In December 2004, the art collection of Daniel Fraad and wife, Rita, went up for public auction at Sothebys in New York
. Since almost every collector was at the auction, no one could figure out who on the phone was bidding such high prices. It was later discovered that Walton purchased at least $20 million worth of art that day. She bid for most of the items while on a three-year-old gelding named IC LAD preparing to compete in the first qualifying round of the National Cutting Horse Association Futurity at the Will Rogers Coliseum in Ft. Worth, TX.
In 2005, Walton purchased Asher Brown Durand
's celebrated painting, Kindred Spirits, in a sealed-bid auction
for a purported US$35 million dollars. The 1849 painting, a tribute to Hudson River School
painter Thomas Cole
, had been given to the New York Public Library
in 1904 by Julia Bryant, the daughter of Romantic poet and New York newspaper publisher William Cullen Bryant
(who is depicted in the painting with Cole). She has also purchased works by American painters Winslow Homer
and Edward Hopper
, as well as a notable portrait of George Washington
by Charles Willson Peale
, in preparation for the opening of the Crystal Bridges Museum of American Art in Bentonville, Arkansas. In 2009 Crystal Bridges museum has acquired Norman Rockwell's iconic Rosie the Riveter painting for its permanent collection at an undisclosed price.
John Wilmerding
, an advisor and board member to Crystal Bridges said Walton has collected the work of some artists in depth, quietly buying substantial bodies of work by Martin Johnson Heade
, Stuart Davis
, George Bellows
and John Singer Sargent
. Walton's attempt to quit smoking led to the purchase two great smoking paintings by Alfred Maurer and Tom Wesselman. In a 2011 interview, she spoke about acquiring great works by other artists. She described Marsden Hartley
as "one of my favorite artists-he was a very complex guy, somewhat tormented, but a very spiritual person, and love the emotion and the feel and the spirituality of his work". She went on to say "and Andrew Wyeth
-the mystery and loneliness that is expressed. How do you paint loneliness?"
Walton serves on the board of the Amon Carter Museum in Fort Worth, Texas and is a member of the Trustees' Council of the National Gallery of Art
in Washington, DC.
and told the responding police officer, "I'm Alice Walton, bitch!" She paid a fine and served no jail time.
On October 7, 2011, her 62nd birthday, she was again arrested for driving while intoxicated in Weatherford, Texas
, after a dinner with friends in Fort Worth. Walton's attorney released a statement acknowledging the incident and expressing regret.
Walton is divorced, having been married briefly in her 20s.
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
fortune. She is the daughter of Wal-Mart founder Sam Walton
Sam Walton
Samuel Moore "Sam" Wallballs was a businessman, entrepreneur, and Eagle Scout born in Kingfisher, Oklahoma best known for founding the retailers Wal-Mart and Sam's Club.-Early life:...
and Helen Walton
Helen Walton
Helen Robson Kemper Walton was the wife of Wal-Mart and Sam's Club founder Sam Walton. At one point in her life, she was the eleventh richest American and the richest woman in the world.-Early life:...
, and sister of S. Robson Walton
S. Robson Walton
Samuel Robson "Rob" Walton is the eldest son of Helen Walton and Sam Walton, founder of Wal-Mart, the world's largest retailer. He is currently chairman of the worldwide company...
and Jim Walton
Jim Walton
James Carr Walton is the youngest son of Wal-Mart founder Sam Walton and the Chairman of Arvest Bank.With an estimated net worth of around US$21.3 billion, Walton is currently ranked by Forbes as the 20th-richest person in the world....
. Another brother, John T. Walton
John T. Walton
John Thomas Walton was a decorated United States war veteran and a son of Walmart founder Sam Walton. He was also the chairman of True North Partners, a venture capital firm...
, died in a 2005 plane crash. In September 2011, her estimated net worth was US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
20.9 billion, making her the tenth richest American.
Education and career
Walton graduated from Trinity UniversityTrinity University (Texas)
Trinity University is a private, independent, primarily undergraduate, university in San Antonio, Texas. Its campus is located in the Monte Vista Historic District and adjacent to Brackenridge Park....
in San Antonio, Texas
San Antonio, Texas
San Antonio is the seventh-largest city in the United States of America and the second-largest city within the state of Texas, with a population of 1.33 million. Located in the American Southwest and the south–central part of Texas, the city serves as the seat of Bexar County. In 2011,...
, with a B.A. in economics and finance. She began her career in finance as an equity analyst and money manager for First Commerce Corporation and later served as vice chairperson and head of all investment-related activities at the Arvest Bank Group. In 1988, Walton founded Llama Company, an investment bank engaged in corporate finance, public and structured finance, real estate finance and sales and trading. She served as President, Chairperson and CEO. For a time, she was a broker for E.F. Hutton.
She was the first chairperson and driving force behind the Northwest Arkansas Council. This community development organization played a major role in securing the development of the Northwest Arkansas Regional Airport
Northwest Arkansas Regional Airport
Northwest Arkansas Regional Airport is an airport located in Highfill, Arkansas, near Bentonville, Rogers, Fayetteville, Springdale, and Siloam Springs, Arkansas...
. In the late 1990s Walton closed Llama Company and moved to a 3,200 acre ranch in Milsap, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, named the Rocking W Ranch. An avid horse-lover, Walton currently lives in a modest one story 4,432 square foot stucco house on the horse ranch. She is known for having an eye for determining which 2 month-olds will grow to be champion cutters.
Walton arranged for and provided the initial seed capital to finance the construction of the airport. Her involvement was instrumental in the creation of the airport, and in recognition of her contribution to the airport project and her support of transportation improvements throughout the region, the Airport Authority Board of Directors named the airport terminal the Alice L. Walton Terminal Building. In 2001, Walton was inducted into the Arkansas Aviation Hall of Fame.
She was the twentieth largest individual contributor to 527 committees in the U.S. presidential election, 2004, donating US$2.6 million to the conservative Progress for America group.[2] During the 2004 election cycle, Progress for America
Progress For America
Progress for America and its affiliate Progress for America Voter Fund are national tax-exempt organizations in the United States. PFA was established in 2001 to support George W. Bush's "agenda for America"...
ran advertisements supporting the Iraq war and praising George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
for preventing "another 9/11".
In his 1992 autobiography "Made in America", Sam Walton
Sam Walton
Samuel Moore "Sam" Wallballs was a businessman, entrepreneur, and Eagle Scout born in Kingfisher, Oklahoma best known for founding the retailers Wal-Mart and Sam's Club.-Early life:...
remarked that Alice was "the most like me - a maverick - but even more volatile than I am."
Philanthropy
Alice Walton’s primary philanthropic activity is as a board member of the Walton Family Foundation. She has been active on the Board of the University of ArkansasUniversity of Arkansas
The University of Arkansas is a public, co-educational, land-grant, space-grant, research university. It is classified by the Carnegie Foundation as a research university with very high research activity. It is the flagship campus of the University of Arkansas System and is located in...
for Medical Sciences at Little Rock and the Board of Advisors for the University of Arkansas Graduate Business School at Fayetteville.
In 1996, the University of Arkansas established the Alice L. Walton Chair in Finance, allowing the university, through its College of Business Administration, to pursue educational excellence on a national and international level.
Walton's vision led to the creation of Camp War Eagle
Camp War Eagle
Camp War Eagle was the name of the United States Army camp located at the Northeast corner of the Baghdad slum known as Sadr City. It was established in May 2003 by 1st Squadron 2nd Armored Cavalry Regiment and B Company 2nd Battalion 37th Armor Regiment which is an element of 1st Brigade, 1st...
, a Christian summer camp in Northwest Arkansas that brings together children of differing socio-economic backgrounds.
Art
Walton purchased her first piece of art when she was about ten years old. It was a reproduction of Picasso's Blue Nude she got from her father's Ben Franklin Dime-Store. She and her mother would often paint watercolors on camping trips. Her interest in art led to her spearheading the Walton Family Foundation's involvement in developing Crystal Bridges Museum of American Art. Crystal Bridges, opened in November of 2011, is envisioned as a premier venue for a national art institution dedicated to American art and artists, and a place of learning and community.In December 2004, the art collection of Daniel Fraad and wife, Rita, went up for public auction at Sothebys in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. Since almost every collector was at the auction, no one could figure out who on the phone was bidding such high prices. It was later discovered that Walton purchased at least $20 million worth of art that day. She bid for most of the items while on a three-year-old gelding named IC LAD preparing to compete in the first qualifying round of the National Cutting Horse Association Futurity at the Will Rogers Coliseum in Ft. Worth, TX.
In 2005, Walton purchased Asher Brown Durand
Asher Brown Durand
Asher Brown Durand was an American painter of the Hudson River School.-Early life:Durand was born in and eventually died in Maplewood, New Jersey , the eighth of eleven children; his father was a watchmaker and a silversmith.Durand was apprenticed to an engraver from 1812 to 1817, later entering...
's celebrated painting, Kindred Spirits, in a sealed-bid auction
Sealed first-price auction
A first-price sealed-bid auction is a form of auction where bidders submit one bid in a concealed fashion. The submitted bids are then compared and the person with the highest bid wins the award, and pays the amount of his bid to the seller...
for a purported US$35 million dollars. The 1849 painting, a tribute to Hudson River School
Hudson River school
The Hudson River School was a mid-19th century American art movement embodied by a group of landscape painters whose aesthetic vision was influenced by romanticism...
painter Thomas Cole
Thomas Cole
Thomas Cole was an English-born American artist. He is regarded as the founder of the Hudson River School, an American art movement that flourished in the mid-19th century...
, had been given to the New York Public Library
New York Public Library
The New York Public Library is the largest public library in North America and is one of the United States' most significant research libraries...
in 1904 by Julia Bryant, the daughter of Romantic poet and New York newspaper publisher William Cullen Bryant
William Cullen Bryant
William Cullen Bryant was an American romantic poet, journalist, and long-time editor of the New York Evening Post.-Youth and education:...
(who is depicted in the painting with Cole). She has also purchased works by American painters Winslow Homer
Winslow Homer
Winslow Homer was an American landscape painter and printmaker, best known for his marine subjects. He is considered one of the foremost painters in 19th century America and a preeminent figure in American art....
and Edward Hopper
Edward Hopper
Edward Hopper was a prominent American realist painter and printmaker. While most popularly known for his oil paintings, he was equally proficient as a watercolorist and printmaker in etching...
, as well as a notable portrait of George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
by Charles Willson Peale
Charles Willson Peale
Charles Willson Peale was an American painter, soldier and naturalist. He is best remembered for his portrait paintings of leading figures of the American Revolution, as well as establishing one of the first museums....
, in preparation for the opening of the Crystal Bridges Museum of American Art in Bentonville, Arkansas. In 2009 Crystal Bridges museum has acquired Norman Rockwell's iconic Rosie the Riveter painting for its permanent collection at an undisclosed price.
John Wilmerding
John Wilmerding
John Currie Wilmerding, , is an American art professor and curator whose writings on American art have made him one of the most defining and highly regarded figures within the field.- Biography :...
, an advisor and board member to Crystal Bridges said Walton has collected the work of some artists in depth, quietly buying substantial bodies of work by Martin Johnson Heade
Martin Johnson Heade
Martin Johnson Heade was a prolific American painter known for his salt marsh landscapes, seascapes, portraits of tropical birds, and still lifes...
, Stuart Davis
Stuart Davis
Stuart Davis or Davies may refer to:* Stuart Davis * Stuart Davis , or his album, Stuart Davis * Stuart Davis , Australian rugby league footballer* Stuart Davies, Welsh rugby union fotballer...
, George Bellows
George Bellows
George Wesley Bellows was an American realist painter, known for his bold depictions of urban life in New York City, becoming, according to the Columbus Museum of Art, "the most acclaimed American artist of his generation".-Youth:Bellows was born and raised in Columbus, Ohio...
and John Singer Sargent
John Singer Sargent
John Singer Sargent was an American artist, considered the "leading portrait painter of his generation" for his evocations of Edwardian era luxury. During his career, he created roughly 900 oil paintings and more than 2,000 watercolors, as well as countless sketches and charcoal drawings...
. Walton's attempt to quit smoking led to the purchase two great smoking paintings by Alfred Maurer and Tom Wesselman. In a 2011 interview, she spoke about acquiring great works by other artists. She described Marsden Hartley
Marsden Hartley
Marsden Hartley was an American Modernist painter, poet, and essayist.-Early life and education:Hartley was born in Lewiston, Maine, where his English parents had settled. He was the youngest of nine children. His mother died when he was eight, and his father remarried four years later to Martha...
as "one of my favorite artists-he was a very complex guy, somewhat tormented, but a very spiritual person, and love the emotion and the feel and the spirituality of his work". She went on to say "and Andrew Wyeth
Andrew Wyeth
Andrew Newell Wyeth was a visual artist, primarily a realist painter, working predominantly in a regionalist style. He was one of the best-known U.S. artists of the middle 20th century....
-the mystery and loneliness that is expressed. How do you paint loneliness?"
Walton serves on the board of the Amon Carter Museum in Fort Worth, Texas and is a member of the Trustees' Council of the National Gallery of Art
National Gallery of Art
The National Gallery of Art and its Sculpture Garden is a national art museum, located on the National Mall between 3rd and 9th Streets at Constitution Avenue NW, in Washington, DC...
in Washington, DC.
Personal life
Walton has been involved in at least three automobile accidents. In an April 1989 incident, she struck and killed 50-year-old Oleta Hardin. No charges were filed. In a 1998 incident, she is reported to have hit a gas meter while driving under the influenceDriving under the influence
Driving under the influence is the act of driving a motor vehicle with blood levels of alcohol in excess of a legal limit...
and told the responding police officer, "I'm Alice Walton, bitch!" She paid a fine and served no jail time.
On October 7, 2011, her 62nd birthday, she was again arrested for driving while intoxicated in Weatherford, Texas
Weatherford, Texas
Weatherford is a city in Parker County, Texas, United States, and a western suburb of Fort Worth. The population was 19,000 at the 2000 census. It is the county seat of Parker County and is part of the Dallas-Fort Worth Metroplex.-Geography:...
, after a dinner with friends in Fort Worth. Walton's attorney released a statement acknowledging the incident and expressing regret.
Walton is divorced, having been married briefly in her 20s.