25 Mar Charlie Munger Donates $200 Million to UCSB for New Dorms
Warren Buffett’s right-hand man Charlie Munger announced Thursday that he is donating $200 million to UCSB for state-of-the-art student housing, tripling the record gift he gave the school a year and a half ago.
At the UC Board of Regents meeting Thursday, the 92-year-old billionaire advocated for ultramodern student dorms to foster academic success — like ones he helped bankroll at University of Michigan, among other colleges. “We’re talking about a minor revolution,” Munger, whose grandson attended UCSB, said, “but it’s a revolution of absolutely standard features.”
Munger’s plan would leverage underutilized areas of campus and integrate the enrollment growth detailed in the 15-year Long Range Development Plan (LRDP), according to UCSB spokesperson Andrea Estrada. Munger’s plan also includes a separate small housing project for about 300 couples on a five-acre maintenance yard site, Estrada added. The details of his plans remain unclear; Estrada declined to comment further, calling the design “very preliminary.” The entire project is expected to cost $1.4 billion.
The donation comes at a time when UCSB is poised to accept an additional 750 undergraduate students in fall 2016 — part of the 6,500 students that the UC system will take in as part of a deal hashed out last year by Governor Jerry Brown and UC President Janet Napolitano. UC officials have been pressed to find new student housing at several campuses. Currently, 38 percent of UCSB students live in university-run housing. Warren Buffett’s right-hand man Charlie Munger announced Thursday that he is donating $200 million to UCSB for state-of-the-art student housing, tripling the record gift he gave the school a year and a half ago.