October 16, 2003 | Read Time: 1 minute
A bequest to the University of Texas at Austin originally estimated to be worth $150-million will provide at least $232-million — and perhaps more — to the institution, according to university officials. The gift was made by John A. Jackson, a retired oil tycoon and alumnus of the university, who died in March 2003.
Last year, Mr. Jackson told University of Texas at Austin officials that he intended to leave the bulk of his estate to the university, an amount he estimated at $150-million.
Mr. Jackson and his wife, Katherine, had previously given $40-million to the university. Mrs. Jackson died in 2001; the couple had no children.
As Mr. Jackson’s estate was settled, the university was notified that the holdings to be transferred would be worth at least $82-million more than originally estimated. University officials say they believe that is a conservative figure because about a third of the bequest is in the form of mineral rights, including royalties and stakes in nonproducing reserves. Mr. Jackson stipulated that the university retain those rights as a condition of his gift.
