Businessman's gift to Elkhart grows to $150M

By: Associated Press Email
By: Associated Press Email

GOSHEN, Ind. (AP) - A foundation leader says a multimillion gift from a businessman's estate to benefit his northern Indiana hometown is even larger than first thought.

Elkhart County Community Foundation president Pete McCown says the David Gundlach gift is now valued at about $150 million after the sale of some real estate. That's up from the $125 million estimate given when the donation was announced in August.

The Elkhart Truth reports ( ) McCown told a gathering Tuesday at Goshen College that he's probably received some 5,000 calls, emails and visits since word of the donation came out.

Gundlach grew up in Elkhart and made his fortune in insurance, including founding the English company Hastings Direct. He died last fall in California at age 56.

Gundlach's gift more than triples the charitable foundation's holdings.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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