Estee Lauder chairman says he will donate $131 million to NYC's Whitney Museum of American Art

Cosmetics executive Leonard A. Lauder says he will give $131 million (euro83.06 million) to the Whitney Museum of American Art, the largest donation in the New York institution's history.

Lauder, who is also the chairman of the 77-year-old museum, told the New York Times for Wednesday editions that $125 million (euro79.26 million) will go toward the Whitney's endowment.

Lauder, who turns 75 on Wednesday, is the chairman of the Estee Lauder Companies. Forbes magazine reported his wealth at $3.2 billion (euro2.03 billion) in 2007.

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The Whitney Museum of American Art: http://www.whitney.org