5 ms·

You can, but there needs to be a large amount of capital allocated to a foundation, which can then fund it in perpetuity. It’s a bit surprising that didn’t happ

You can, but there needs to be a large amount of capital allocated to a foundation, which can then fund it in perpetuity. It’s a bit surprising that didn’t happen in this case. Feels like his heirs have different ideas for how to spend his money.

seanmcdirmid 4y ago
From what I understand, it was actually Paul Allen's instructions that his sister (Jody Allen) to just give everything away. Unfortunately, that didn't include running the more niche museums, movie theaters, etc...forever. It seems like smaller projects are being sacrificed in favor of larger ones (like the Music Experience museum which is still open).
- imperfect_light 4y ago
  Why? How lame is it to start cool projects like LCM and Cinerama and then just have it close upon your death when he had plenty of estate to fund it forever. Makes me think less of Paul Allen TBH (not that he or his relatives care)
  - seanmcdirmid 4y ago
    I think he considered those hobbies to be wound down when he was no longer around to enjoy them? Ya, think less of him because of that, but he spent his money on things he enjoyed that just happened to be what other people could enjoy as well. He wasn't really thinking of his post-death legacy, and just gave simple instructions with that regard (and his sister is taking the flack for that).
    - BryantD 4y ago
      My wife and I always joke about Allen running out of basement space and opening MOPOP.
  - wyager 4y ago
    I assume it was his inheritors who made the decision, not him.
    - runnerup 4y ago
      I think the point is that Paul Allen could have endowed his favorite causes when he was alive with an endowment large enough that the interest earned would fund continued operation indefinitely.
      - BryantD 4y ago
        Yep. I don’t think the LCM, Cinerama, or his military museum were his favorite causes. I think they were his favorite toys. He apparently had other causes which he cared more about for the future.
        imperfect_light 4y ago
        At $20 billion net worth he (his estate) could have done all of it.
        GauntletWizard 4y ago
        Probably not all of it, but he could have funded his most-favorite toys at the expense of funding some of his big gambles a little less. And that's the truth of the matter; I see Paul Allen's betrayal not as not focusing on the big things, but as focusing on the big things too much that he didn't see the little things that made life worth living. The LCM is a victim of that for sure.
    - seanmcdirmid 4y ago
      Jodie Allen (his sister and only heir) is just following his instructions, from what I understand. She isn't financially benefiting from shutting down the computer museum, she is just executing his will: > According to multiple reports Paul Allen’s will states that the Paul G. Allen Trust, which contains billions in assets, including the NFL’s Seattle Seahawks and NBA’s Portland Trail Blazers, will be liquidated upon his death and the assets used to fund his passion projects. Paul Allen died in October 2018 and the Trail Blazers have been rumored to be on the sales block for the past few years, but all’s quiet on the Seahawks front. Is Jody Allen trying to hold onto the Seahawks against her brother’s wishes? https://theshadowleague.com/the-instructions-are-clear-the-sports-franchises-and-everything-in-the-trust-must-be-sold-jody-allen-is-legally-bound-to-sell-seahawks-and-trail-blazers-will-she/ https://theshadowleague.com/the-instructions-are-clear-the-s... The problem is, a lot of projects didn't make it into his list of passion projects. More: > Sealed lips aside, here’s what we know: In 2010, Allen pledged to bequeath the majority of his wealth to philanthropy. (During his lifetime, Allen gave away more than $2 billion, according to the Chronicle of Philanthropy.) Tasked with this mammoth undertaking is his sister Jody Allen, trustee and executor of his estate, who is bound by her brother’s wishes as set out in the trust. https://crosscut.com/culture/2022/11/16b-sale-paul-allens-art-collection-looms-over-seattle https://crosscut.com/culture/2022/11/16b-sale-paul-allens-ar... One can accuse his sister of not following his instructions, I guess, but unless we know what those instructions are, it isn't a very easy accusation to back up.
spindle 4y ago
I totally agree, and that's how, for example, the rich Oxford and Cambridge colleges are funded. I think it might be a big ask these days, though, especially with returns on investments relatively low. Sadly.

seanmcdirmid 4y ago

From what I understand, it was actually Paul Allen's instructions that his sister (Jody Allen) to just give everything away. Unfortunately, that didn't include running the more niche museums, movie theaters, etc...forever. It seems like smaller projects are being sacrificed in favor of larger ones (like the Music Experience museum which is still open).

imperfect_light 4y ago
Why? How lame is it to start cool projects like LCM and Cinerama and then just have it close upon your death when he had plenty of estate to fund it forever. Makes me think less of Paul Allen TBH (not that he or his relatives care)
- seanmcdirmid 4y ago
  I think he considered those hobbies to be wound down when he was no longer around to enjoy them? Ya, think less of him because of that, but he spent his money on things he enjoyed that just happened to be what other people could enjoy as well. He wasn't really thinking of his post-death legacy, and just gave simple instructions with that regard (and his sister is taking the flack for that).
  - BryantD 4y ago
    My wife and I always joke about Allen running out of basement space and opening MOPOP.
- wyager 4y ago
  I assume it was his inheritors who made the decision, not him.
  - runnerup 4y ago
    I think the point is that Paul Allen could have endowed his favorite causes when he was alive with an endowment large enough that the interest earned would fund continued operation indefinitely.
    - BryantD 4y ago
      Yep. I don’t think the LCM, Cinerama, or his military museum were his favorite causes. I think they were his favorite toys. He apparently had other causes which he cared more about for the future.
      - imperfect_light 4y ago
        At $20 billion net worth he (his estate) could have done all of it.
        GauntletWizard 4y ago
        Probably not all of it, but he could have funded his most-favorite toys at the expense of funding some of his big gambles a little less. And that's the truth of the matter; I see Paul Allen's betrayal not as not focusing on the big things, but as focusing on the big things too much that he didn't see the little things that made life worth living. The LCM is a victim of that for sure.
  - seanmcdirmid 4y ago
    Jodie Allen (his sister and only heir) is just following his instructions, from what I understand. She isn't financially benefiting from shutting down the computer museum, she is just executing his will: > According to multiple reports Paul Allen’s will states that the Paul G. Allen Trust, which contains billions in assets, including the NFL’s Seattle Seahawks and NBA’s Portland Trail Blazers, will be liquidated upon his death and the assets used to fund his passion projects. Paul Allen died in October 2018 and the Trail Blazers have been rumored to be on the sales block for the past few years, but all’s quiet on the Seahawks front. Is Jody Allen trying to hold onto the Seahawks against her brother’s wishes? https://theshadowleague.com/the-instructions-are-clear-the-sports-franchises-and-everything-in-the-trust-must-be-sold-jody-allen-is-legally-bound-to-sell-seahawks-and-trail-blazers-will-she/ https://theshadowleague.com/the-instructions-are-clear-the-s... The problem is, a lot of projects didn't make it into his list of passion projects. More: > Sealed lips aside, here’s what we know: In 2010, Allen pledged to bequeath the majority of his wealth to philanthropy. (During his lifetime, Allen gave away more than $2 billion, according to the Chronicle of Philanthropy.) Tasked with this mammoth undertaking is his sister Jody Allen, trustee and executor of his estate, who is bound by her brother’s wishes as set out in the trust. https://crosscut.com/culture/2022/11/16b-sale-paul-allens-art-collection-looms-over-seattle https://crosscut.com/culture/2022/11/16b-sale-paul-allens-ar... One can accuse his sister of not following his instructions, I guess, but unless we know what those instructions are, it isn't a very easy accusation to back up.

spindle 4y ago

I totally agree, and that's how, for example, the rich Oxford and Cambridge colleges are funded. I think it might be a big ask these days, though, especially with returns on investments relatively low. Sadly.