Harry and Jeanette Weinberg Foundation
Encyclopedia
Life
Harry Weinberg was born in 1908 in the Austro-Hungarian Empire. His father Joseph Weinberg came to BaltimoreBaltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
in the US, and sent for his family in 1912. One of his earliest ventures was selling souvenirs for celebrations at the end of World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
.
He dropped out of school at age 12 and worked in his father's car repair shop.
During the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of the 1930s, he and his brother William would buy properties at depressed prices, fix them up, and resell them for a profit.
In 1932 he married Jeanette Gutman. Throughout his career he was known for being a keen judge of undervalued assets, and having the patience to wait for their values to increase.
In Honolulu, Hawaii
Hawaii
Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
, he repeated what he had done with the Fifth Avenue Coach Company, in Scranton, Pennsylvania
Scranton, Pennsylvania
Scranton is a city in the northeastern part of Pennsylvania, United States. It is the county seat of Lackawanna County and the largest principal city in the Scranton/Wilkes-Barre metropolitan area. Scranton had a population of 76,089 in 2010, according to the U.S...
and Dallas, Texas
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
. He started buying stock in the Honolulu Rapid Transit Company in 1955, eventually gained control, slashed costs, and then sold it at a profit to the City & County of Honolulu (it is now known as TheBus) in 1971.
In 1968 he moved to Hawaii where he died November 4, 1990.
His investments included Amfac, Inc., Maui Land & Pineapple Company
Maui Land & Pineapple Company
Maui Land & Pineapple Company, Inc. is a land holding and operating company founded in 1909 and based in Maui, Hawaii, United States. It owns approximately on the island of Maui. It develops, sells, and manages residential, resort, commercial and industrial real estate; and operates retail, golf...
, Alexander & Baldwin
Alexander & Baldwin
Following World War II, the company entered a new business: land development and real estate. The company formed a new subsidiary, the Kahului Development Co., to develop housing in the Kahului area. In the following years, the company became more involved in the development of its land and the...
, and other real estate ventures.
Foundation
The Harry and Jeanette Weinberg Foundation was originally established in 1959. Their will specifies that 25 percent of annual distributions will go to Jewish charities and further specifies that the proceeds shall be used for the benefit of the poor, and bans gifts to music or arts institutions.In 1984, he had donated funds to air condition all of Israel's nursing homes.
On his death in 1990, he was survived by son Morton Weinberg, and left $3 million to his grandchildren. His will left almost US$1 billion of property to the charity. The assets continued to grow in value, while large grants enabled entire buildings to be built, such as the Harry and Jeanette Weinberg Memorial Library at the University of Scranton
University of Scranton
The University of Scranton is a private, co-educational Catholic and Jesuit university, located in Scranton, Pennsylvania, in the northeast region of the state. The school was founded in 1888 by Most Rev. William O'Hara, the first Bishop of Scranton, as St. Thomas College. It was elevated to a...
.
Throughout Baltimore and the Hawaiian Islands, many major civic and private buildings and complexes were named after Harry and Jeanette Weinberg. Before his death in 1990, Harry Weinberg, landlord and philanthropist, decreed that any building for which his charitable foundation gave more than $250,000 would have the couple's name on it somewhere...(Weinberg's) charter allows the foundation to contribute no more than 30 percent of a project's cost. [Baltimore Sun December 07, 2003|By Kate Shatzkin] One of the largest projects named in their honor was the Filipino Community Center in Waipahu, Hawaii, dedicated by Philippines President
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
Gloria Macapagal Arroyo and representatives of President of the United States
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
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....
in 2002. The Filipino Community Center is one of the largest ethnic and cultural centers in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Other projects include the Ko Olina Resort
Ko Olina Resort
thumb|260px|Ko Olina as seen by airThe Ko Olina Resort is an area of beach and resort development on the leeward side of Oahu, Hawaii between Nanakuli and Kapolei on Farrington Highway and is part of the City and County of Honolulu. Known officially as "Ko Olina Resort & Marina", it has become a...
, which asked for $75 million in tax credits.
The Harry and Jeanette Weinberg Foundation is administered by a Board of Trustees that at times includes members of the Weinberg family. Members are usually professionals residing in Honolulu and Baltimore.