KERKORIAN’S GIRLS TO USE FORTUNE FOR GOOD WORKS
New York Post, NY
June 15 2004
June 15, 2004 — The big plan behind Kirk Kerkorian’s busy deal-making
is to amass a $20 billion fortune for his two daughters to spend on
bettering the world.
Kerkorian, who turned 87 a week ago, is expected to expand his $5
billion personal fortune by as much as another $15 billion with two
major deals now under way: the Mandalay casino merger and the sale
of his MGM studios.
The thrice-married Kerkorian recently stepped up contributions to
a charitable foundation he founded in 1988 – the Lincy Foundation,
named after his two daughters, Linda and Tracy.
His business holding company, Tracinda Corp. is also named after the
daughters, both from his second marriage in 1954 to Jane Maree Hardy.
Tracinda supports the foundation with as much as $40 million a year
in direct donations.
Their family foundation has awarded hundreds of millions to a wide
range of humanitarian efforts around the world, in areas including
health, education, athletics and global economies.
One favorite cause is rebuilding the economy of Armenia, Kerkorian’s
homeland. The foundation, headquartered on South Rodeo Drive in
Beverly Hills, has awarded more than $165 million alone in support
to Armenia’s government and economic organizations.
Kerkorian has placed some of his trusted executives on the foundation
board to protect its assets, which exceed $220 million, according to
recent filings.
Tax experts say Kerkorian’s estate would be spared heavy taxation by
making endowments to the foundation. Paul Tharp
From: Emil Lazarian | Ararat NewsPress