MacKenzie Scott Donates Two Homes Worth $55 Million to Charity
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MacKenzie Scott, formerly MacKenzie Bezos, has donated two of her homes to the non-profit California Community Foundation (CCF). CCF announced that Scott gave "two single-family residences valued at $55 million." The two Beverly Hills mansions were transferred to the foundation on July 29, 2022, according to records.
"This discretionary gift will allocate 90% of sale proceeds to the Foundation’s affordable housing grantmaking," CCF said in a release. "The remaining funds will be allocated by CCF to support its immigrant integration program to advance opportunities for the millions of immigrants from throughout the world who call Los Angeles County home."
Scott previously pledged to give away the majority of her wealth, a promise known as the Giving Pledge. The homes she donated were once owned by Scott and her ex-husband, Jeff Bezos. They purchased the first in 2007 for $24.45 million, and the second, on the same street, in 2017 for $12.9 million.
"I have a disproportionate amount of money to share," she wrote in a letter made public in May 2019. "My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won't wait. And I will keep at it until the safe is empty." Scott's current net worth is around $40 billion, according to Forbes.
CCF also noted in their release, "the cost of housing stands out as one of the most critical issues affecting the lives of millions of Los Angeles residents. A priority for Ms. Scott, the primary focus of the $55 million will be to permanently endow grantmaking efforts to benefit Angelenos in need of affordable housing. Since 2000, CCF has granted over $30 million to ensure Angelenos have safe and stable homes, together with the economic opportunities they need to thrive. CCF has also been an advocacy leader for increased affordable housing production, helping lead the passage of Proposition HHH, an initiative to add 10,000 new units in the City of Los Angeles by 2026. Los Angeles is poised to exceed its target by funding 10,510 units in 178 projects. Ms. Scott’s gift will permanently support the expansion of these grantmaking efforts."
In 2021, Scott made a $20 million gift to CCF to establish the LA Arts Endowment Fund.
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