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Jan 17, 2017 06:32 AM EST

Cornell University Receives $7M Grant From Billionaire Charles Feeney

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Charles Feeney, also known as Chuck Feeney has promised to go broke. He is known for co-founding Duty Free Shoppers Group and made his fortune from it. For many years, he has given away money to countless organizations and foundations.

It all started when he founded Atlantic Philanthropies. It is a private foundation he had started. Although he is a billionaire, he is also known for his frugality. He lives in an apartment, flies economy and does not even own a car. By 2016, he had $1.5 billion left. Now at 81 years old, he spent his last few millions on Cornell University.  According to the entrepreneur mogul, he wanted to donate all his wealth until the last check he issues bounces. Which means he exhausted most of his funds 

On Dec. 2016, Feeney granted $7 million to Cornell University, as reported by CNet Worth. The fund is to enable students at Cornell to engage in community service work. And now he is officially broke.

The former billionaire is now living on a net worth of $2 million which could just be enough to cover their rent and other expenses for the remaining years of his life.

Feeney himself is a graduate of Cornell University School of Hotel Administration. His $7 million grant to The Cornell Tradition will help continue the fellowship program that offers service work and scholarship to some of the most civically minded students in college, as reported by The Cornell Chronicle.

Feeney's belief that people should put their wealth to serve humanity has served many organizations and foundations. In honor of Feeney's donations, Cornell University is putting up the Frank H.T Rhodes Funds for The Cornell Tradition because Cornell President Emeritus Rhodes and Feeney started The Cornell Tradition in 1982.

Chuck Feeney's last grant means that Atlantic Philanthropies has funded a total of $8 billion over the last 35 years. And $1 billion of that total was directed to Cornell. It also includes a donation of $350 million enabling the creation of Cornell's the New York City Tech Campus.

Watch the Cornell video below where author Conor O'Clery discusses Chuck Feeney:

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