Estate of OBcean Jay Kahn Just Gifted $100 Million to San Diego Foundation

by on February 3, 2023 · 0 comments

in Ocean Beach

Jay Kahn. (Year unknown)

The estate of OBcean Jay Kahn just gave $100 million to the San Diego Foundation. They include 10 unrestricted awards of $150,000 to San Diego-based music education nonprofits to advance their work with children in need.

Kahn lived in Ocean Beach from 1972 until his death in 2022 at age 90.

According to his wishes, a portion of Kahn’s gift will support housing and other regional strategic plan initiatives, with more than $86 million set aside to establish the Jay Kahn Endowment Fund at San Diego Foundation. According to a foundation statement, the aim is for “Kahn’s legacy and impact (to) continue to grow and transform San Diego County in perpetuity.”

He worked in the clothing industry in the San Diego-Tijuana region, and amassed his fortune as an entrepreneur. He retired early to manage his personal portfolio, which included early investments in Price Club, the San Diego-based predecessor to Costco, and Apple.

Mark Stuart, president and CEO of the foundation, stated:

“Jay Kahn was a compassionate man who loved San Diego and wished for his legacy and estate to be used for the good of San Diego. We had no existing relationship with Jay until we learned that he believed San Diego Foundation would achieve his goal and honor his wishes.”

Jay Kahn’s OB house on the beach.

The recipients – revealed at a foundation Board of Governors retreat on Thursday:

  • A Reason to Survive,
  • Classics 4 Kids,
  • David’s Harp Foundation,
  • Guitars and Ukes in the Classroom,
  • Heartbeat Music & Performing Arts Academy,
  • San Diego Symphony,
  • San Diego Youth Symphony and Conservatory,
  • San Diego Young Artists Music Academy,
  • Voices of Our City Choir and
  • Young Lions Jazz Conservatory.

News source: Times of San Diego


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