Loeb Sets New Donation Standards

There has been nothing like it before and none like it since.

The $70.5 million gift to Harvard by John L. Loeb '24 in 1995 was by far the largest the University received in what was itself the largest fundraising drive in Harvard history. It was, in fact, the largest gift to higher education ever made by a living donor.

The impeccably dressed Saint Louis native, whose name adorns numerous buildings at Harvard including Loeb House, the home of the University's governing boards, died nearly three years ago at the age of 94, leaving Harvard officials searching for words.

"Harvard University has lost the friend of a lifetime," President Neil L. Rudenstine said.

A successful investor with a lucky streak, Loeb moved his company, Carl M. Loeb and Co.--which later became Shearson Lehman Brothers, Inc.--out of Cuba the day before Fidel Castro grabbed power.

After serving as senior partner for more than 20 years, Loeb went on to underwrite projects in New York's Central Park and at New York University, numerous museums, hospitals and schools.

But it was Harvard that bore the brunt of Loeb's generosity. Loeb served as an overseer for six years, and, in turn, the University did the best it could to show its appreciation, bestowing him with both an honorary degree and, in 1985, an alumni medal.

Loeb's progeny have proved as impressive a legacy as his philanthropy. One son went on to become ambassador to Denmark while grandson Edgar Bronfman Jr., billionaire head of Seagram Co., co-wrote Celine Dion's "To Love You More," which cracked the U.S. top 10 charts.