Secret Millionaire Donates Her Fortune To Illinois Alma Mater

Grace Groner lived frugally in a one-bedroom house. According to the Chicago Tribune, she rarely made large purchases, and her house was decorated plainly with some furniture and an antique television.

When she passed away at the age of 100, her alma mater, Lake Forest College, was astounded to find that Groner had left them $7 million dollars.

From the Chicago Tribune:

Groner's estate, which stemmed from a $180 stock purchase she made in 1935, was worth $7 million.

The money is going into a foundation that will enable many of Lake Forest's 1,300 students to pursue internships and study-abroad programs they otherwise might have had to forgo. It will be an appropriate memorial to a woman whose life was a testament to the higher possibilities of wealth.

Lake Forest College is a liberal arts school in northeast Illinois, about 35 miles north of Chicago. Groner graduated from the school in 1931. Good Morning America covered the story.

WATCH:

Comments

[john 7]

06:54 PM on 03/25/2010

It says her wealth stemmed from a $180 stock purchase in 1935. In today's dollars that is approx $2784. 40. Now it's worth 7 mil?! Where can i find an investment that multiplies my money by 2514? Seriously, I wanna know what this investment was or at least an indication as to whether she had other sources of income. This just doesn't make sense to me

[Sandra Stipp]

03:34 PM on 03/10/2010

Some people are just wonderful humanbeings.

[beachsandshuffle]

01:04 PM on 03/07/2010

Thanks Gracie you did good

[GerryS]

11:55 PM on 03/06/2010

good for grace, and the college,

I hope she was happy in a long life------------

[Jmsb526]

09:02 PM on 03/06/2010

I don't think frugal living has much to do with it. She bought those shares of Abbott stock and held onto them for decade after decade. She could have lived an extravagant lifestyle and still held those shares without selling and still left the same $7 million like she did.

[Maggie Urrely]

01:30 AM on 03/08/2010

extravagance isn't everything.....it doesn't bring happiness.

[Renee27]

03:19 PM on 03/06/2010

Beautiful story.

[goodmorningsunshine]

02:13 PM on 03/06/2010

I hope the school name a building after her or provide scholarship under her name for her generous donation. RIP Grace, a wonderful woman with a beautiful heart.

[Whitley2009]

02:00 PM on 03/06/2010

A sweet lady. I would have been proud to know her.

[eastjame]

04:46 AM on 03/06/2010

what a stupid way to live. just hiding away in a one bedroom house waiting to die. she could have done so much with that money. she could have seen the world. and dont say that she was happy living a simple life and was above material things. maybe she was content... but its still a sad waste of money when your that frugal and unimaginative. we only get one life so theres no point dying with money in the bank.

[KRVenkatakrishnan]

03:22 AM on 03/06/2010

Inspiring story

[Noonen]

12:57 AM on 03/06/2010

Thank goodness for pharmaceutical companies....

[MIKEBC]

10:21 PM on 03/05/2010

It's amazing these people that hoard money, sometimes they have it stuffed all around in their houses, I know one guy who's worth millions and he could step into any bread line and blend right in with the homeless people and he could afford a new luxury car with all cash but he rides a rusty bike instead, even in the winter!

[DessLoch]

10:17 PM on 03/05/2010

Does Abbott Labs offer employer matching funds? I think they should match her gift and contribute 7 million to Grace's alma mater in her honor.

[jztherapist]

09:47 PM on 03/05/2010

Diane Sawyer sounds just like the narrator who does the voiceover at the beginning of "Desperate Housewives."

[jztherapist]

09:44 PM on 03/05/2010

What a nice story. I hope that her life was happy.