Philanthropist Reneges on Multimillion-Dollar Pledge to University

Gasper Lazzara, founder of the Orthodontic Centers of America, in Ponte Vedra Beach, Fla., has reneged on a $95.7-million pledge to the University of Colorado’s dental school, causing the institution to raise tuition and threatening its ability to pay for a new building, reports The Denver Post.

Mr. Lazzara paid the first installment of the gift, which was to be given over 30 years, but in May told university officials he was unable to fulfill the rest of his promise to the institution. The first payment was for $3-million, and he planned to pay $1.25-million annually after that.

Mr. Lazzara, who did not return the newspaper’s calls seeking comment, made similar pledges to Jacksonville University in Florida and the University of Nevada at Las Vegas.