Milton Petrie

Milton Petrie (August 5, 1902 – November 6, 1994) was an American retailer, investor and philanthropist. He made a fortune from a chain of retail stores and supplemented it through a series of investments in real estate and stocks. He was well known in New York City as a philanthropist who gave money to universities and cultural institutions and also to many individuals.

Early life and career

His parents were Russian Jewish immigrants who were running a pawn shop in Salt Lake City when he was born.Strom, Stephani
"Milton J. Petrie, Philanthropist, Is Dead at 92", ''New York Times''
November 8, 1994 In 1927, he started a chain of hosiery stores, but it ultimately failed. He then built a large retail company called Petrie Stores, which operated over 1700 discount women's clothing stores under various names, Petries, Three Sisters, Jean Nicole, Rave, Stuarts, Winkleman's, Marianne's and G & G. In 1977, his $10 million investment in a consortium organized by A. Alfred Taubman to buy the Irvine Company returned $100 million.Lindsey, Robert, "Taubman-Allen Group Is Winner Of Irvine as It Tops Mobil's Offer", ''New York Times'', May 21, 1977, page 32Curtis, Charlotte, "The Tireless Milton Petrie", ''New York Times'', May 15, 1984, page C16 In 1987, he began to acquire shares in Toys "R" Us for less than a dollar per share. His stake grew to 38% percent of the companyFabrikant, Geraldine, "Market Place; At Petrie Stores, estate planning drove a final swap of stock", ''New York Times'', December 6, 1994 and was worth $1.5 billion at the time of his death.

Philanthropy

Petrie was known for large contributions to educational and cultural institutions in New York. The Carroll and Milton Petrie European Sculpture Court at the Metropolitan Museum of Art was named in appreciation of his gift of $10 million to the museum.Glueck, Grace, "$10 Million is Pledged for Met Sculpture Court", ''New York Times'', August 7, 1987, pg C20 In appreciation for his $1 million gift to the Cathedral of Saint John the Divine, his likeness is carved in the form of a corbel on the wall of the cathedral's south bell tower.Madden, Stephen, "Upon This Rock . . .", ''Fortune Magazine'', November 7, 1988 He also gave millions more to the Beth Israel Medical Center, United Jewish Appeal, and Memorial Sloan-Kettering Cancer Center. The Minnie Petrie Synagogue at the Hebrew Union College-Jewish Institute of Religion in Manhattan is named after his mother.

Petrie was also known for his gifts to ordinary individuals. He gave $20,000 a year to Marla Hanson, a model whose face was slashed in an attack instigated by a former landlord.Martin, Douglas, "About New York; A Tale of Giving, With a Surprise For One Reader", ''New York Times'', July 19, 1989 He was especially generous to police officers. He pledged $20,000 a year to the widow of Anthony Venditti, a New York City police detective who was killed in a 1986 shootout, as well as setting up trust funds for the college education of the detective's children.Associated Press, "Aid Pledge Given Widow of Officer, ''New York Times'', February 1, 1986, page 32 He made the same gift to the widow of Louis Miller, a New York City police detective who was killed in 1987Teltsch, Kathleen, "Retailer Assists Detective's Widow", ''New York Times'', August 9, 1987, page 31 and to Steven McDonald, a New York City police officer who was shot and paralyzed in 1987.Brown, Patricia Leigh, "A House Becomes a Workable Home For a Disabled Officer and His Family", ''New York Times'', December 1987, page A1

Personal life

Petrie was married to Yetta Fridman with whom he had a son, Bernard Petrie. In 1978, he married his fourth wife, a Baptist by upbringing from Greenville, South Carolina and three-times-married, Carroll McDaniel Portago Carey-Hughes Pistell Petrie. She was the ex-wife of the Spanish race car driver Alfonso de Portago. At the time of Petrie's death, he was survived by his wife Carroll, his children by earlier marriages Bernard Petrie, Marianne Miller and Patricia Hugenberg, grandchildren Matthew Miller and Kurt Hugenberg, and great grandchild Anthony Aria Petrie Hugenberg.Moin, David, and Tosh, Mark, "Milton Petrie dead at 92", ''Women's Wear Daily'', November 8, 1994"Paid Notice: Death, Petrie, Bernard", ''New York Times'', September 7, 2007 Services were held at Temple Emanuel in New York City. At his death, he left $300–400 million to establish the Carroll and Milton Petrie Foundation, which continued his philanthropy.Fabrikant, Geraldine, "He Sure Didn't Take It With Him", ''New York Times'', November 20, 1994

References

{{DEFAULTSORT:Petrie, Milton
1902 births
1994 deaths
American businesspeople in retailing
American people of Russian-Jewish descent
20th-century American businesspeople