Leonard Lauder’s art foundation is giving $131 million to the Whitney Museum of American Art.
It is the biggest donation ever to the Whitney, The New York Times reported. Most of the gift will go to the New York City museum’s endowment.
Lauder, 75, a cosmetics magnate who is the museum’s chairman, specified that the museum may not sell its signature building on Madison Avenue for an extended period. The Whitney recently announced it will establish a satellite in downtown Manhattan, according to the Times.
Lauder, the chairman of Estee Lauder Companies, led a campaign to build new galleries in the Whitney as well as a three-year program to acquire nearly $200 million in new art in recent years. His estimated worth is more than $3 billion.
He is the brother of Ronald Lauder, a major giver to Jewish causes and the president of the World Jewish Congress.