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$814 million
- The foundation, set up by his father, Sebastian Spering Kresge in 1924, is one of the 10 largest in the country, with listed assets of $814 million as of last year.
www.nytimes.com › 1985/07/03 › us
By 1924, Kresge was worth approximately $375,000,000 ($3.83 billion in 2009 dollars) and owned real estate of the approximate value of $100,000,000. Personal life. He was married and divorced at least twice by 1928. Kresge and his family were members of Detroit's North Methodist Episcopal Church.
By the time of Kresge’s death in 1966, the foundation had distributed $70,000,000 in grants with a remaining net worth of $175,000,000. This article was most recently revised and updated by Encyclopaedia Britannica. S.S. Kresge was an American merchant who established a chain of nearly 1,000 variety and discount stores throughout the United States.
He was president of Kresge Realty Company and owned department stores, including The Fair in Chicago, Illinois; Palais Royale in Washington, D.C.; Stern Brothers in New York City; and Kresge-Newark and Steinbach-Kresge stores in New Jersey. By the end of the 1920s, he was worth more than $200 million and owned stock valued at about $30 million.
In 1912 his company made a public offering of stock, achieving a market capitalization of $7 million and, after a 1916 reincorporation, $12 million. Kresge remained the company president until 1925, and he served as chairman of the board from 1913 to 1966, retiring shortly before his death.
Nov 30, 1997 · Through imaginative merchandising and a philosophy of “Time is money, so work,” Kresge’s fortune grew. In 1924 he formed the Kresge Foundation with $1.6 million of his company stock. He was also divorced that year from his long-time wife, Anna Harvey, mother of their five children; one of the grounds was that he was a penny pincher.
- Mike Henning
Jul 3, 1985 · Stanley Sebastian Kresge, who with his wife, Dorothy, channeled about $500 million to charitable, civic, religious, social, educational, medical and cultural beneficiaries, died Sunday of a...
Dec 29, 2022 · Kresge partnered with his brother-in-law for seven years, opening Kresge & Wilson stores in seven cities. In 1912, he incorporated the company as the S.S. Kresge Company with 85 stores worth over $10 million.
