Hedge Fund Manager Paulson Pledges $100 Million to Central Park

Hedge fund manager John Paulson and the Paulson Family Foundation pledged a $100 million gift to the Central Park Conservancy Tuesday, the largest gift to any public park and one of the largest to any New York City cultural institution.

“It’s simply impossible to imagine what New york would be without Central Park,” Paulson, founder and president of Paulson & Co., said at a news conference announcing the gift.

A native of Queens, the 56-year-old Paulson attended Harvard Business School and started his company with his personal savings and contributions from family and friends.

With a net worth of $12.5 billion, Paulson was ranked number 61 on the 2012 Forbes list of the world’s wealthiest people.

“John is a man who knows a good investment when he sees one. Central Park is fundamental to the economic and cultural health of New York City and the quality of life of its residents,” said Doug Blonsky, CEO of Conservancy.

Mayor Michael Bloomberg attended the news conference to announce the gift in front of Bethesda Fountain in the heart of the park.

SOURCE: WSJ.