John Donald MacArthur (March 6, 1897 - January 6, 1978) was an American businessman and philanthropist who established the John D. and Catherine T. MacArthur Foundation, benefactor in the MacArthur Fellowships.
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Biography
Early life
John Donald MacArthur was born in Pittston, Pennsylvania., as the seventh child. He and his many siblings grew up in poverty, the children of an itinerant Baptist preacher and his resourceful wife. His father went through many evangelical training, moving his family all around the country, from New York to Pennsylvania to Illinois. His sister-in-law was the esteemed actress Helen Hayes. His brother, American playwright and screenwriter Charles MacArthur, was best known as co-author of the play The Front Page. He dropped out of high school after his first year and went into salesmanship.
Career in Illinois
MacArthur made his fortune in the insurance business. He acquired the Bankers Life and Casualty Company in 1935 for $2,500, then went on to build a business empire by acquiring many small insurance corporations. In the 1950s he signed famed broadcaster Paul Harvey as his company's radio spokesperson.
Real estate investments in Florida
MacArthur also increased his vast fortune by heavily and lucratively investing in Florida real estate. In 1954 for $5.5 million MacArthur bought 2,600 acres (11 km2) of land in northern Palm Beach County originally owned by Harry Seymor Kelsey and later by Sir Harry Oakes. It included most of today's Lake Park, North Palm Beach, Palm Beach Gardens and Palm Beach Shores. For many years, MacArthur conducted his business affairs from a table in the Colonnades Beach Hotel in Palm Beach Shores, where he and his wife lived in an apartment above the bar, overlooking the Atlantic Ocean and the Lake Worth Lagoon.
Marriages and family
MacArthur first married the former Louise Ingals and had two children: a son, U.S. businessman and philanthropist J. Roderick MacArthur (1920-1984); and a daughter, Virginia MacArthur. The couple divorced in 1926. In 1928 MacArthur married Catherine T. MacArthur (née Hyland), who for decades intimately involved herself in the management of his companies, and after whom his charitable foundation is co-named. In 1978, he died of pancreatic cancer.
John R. MacArthur, the president of Harper's Magazine and son of J. Roderick MacArthur, is a grandson of John D. MacArthur.
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Legacy
To avoid conflict of interest rules, MacArthur's company was sold after his death by the foundation he created. Today, Bankers Life, a subsidiary of the CNO Financial Group (NYSE: CNO), is a leader in U.S. long term care insurance and is publicly held with a capitalization of approximately $6 billion. His foundation gives away $260 million in grants every year.
See also
- John D. MacArthur Beach State Park
References
Resources
- Hoffman, William (1969). The Stockholder. Lyle Stuart. Biography of John MacArthur.
- Kriplen, Nancy (2008). The Eccentric Billionaire: John D. MacArthur. Amacom Books. ISBN 978-0-8144-0889-6. Biography of John MacArthur: Empire builder, reluctant philanthropist, relentless adversary.
- McGoun, William E., Southeast Florida Pioneers: The Palm and Treasure Coasts, 1998, Sarasota: Pineapple Press, chapter 27. Compares the lives of MacArthur and Arthur Vining Davis, another heavy investor in Florida real estate.
- Kosar, Kevin R. The Reluctant Philanthropist: John D. MacArthur. The American, February 13, 2008.
External links
- MacArthur Foundation website
- Bankers Life website
- History of Bankers Life
Source of article : Wikipedia
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