Businessman Donates Mansion and Cash to Upstate N.Y. College

How much: $85-million

Who got it: Marist College, in Poughkeepsie, N.Y.

Who gave it: Raymond A. Rich, a businessman who led oil companies and publishing and banking firms. Mr. Rich died in June at 97.

What he gave: The bequest consists of a $10-million cash gift and a 60-acre estate, valued at approximately $75-million, in Esopus, N.Y., just across the Hudson River from the college. The estate includes the 104-year-old Payne Mansion, which Mr. Rich purchased from the college’s founders.

How the gift will be used: The mansion will house a leadership institute to be named for the donor, and will be financed in part with the $10-million Mr. Rich earmarked to endow the institute.

How it happened: After Mr. Rich moved into the mansion, Dennis J. Murray, Marist’s president, called him. A decade later he started getting interested in the college, said Mr. Murray.

Why he gave: The college’s emphasis on teaching students the importance of ethics and humility attracted Mr. Rich’s attention, said Mr. Murray. “He once told me, ‘The key to being a successful CEO is to hire great people, be humble in managing them, and always operate with integrity. It’s not only the right thing to do, but it’s also good business.’ If the business leaders of today had followed his advice, I doubt the country would be in its current economic turmoil.””

More news about big gifts, including a $65-million gift to a California medical center, are available online at http://philanthropy.com/extras