Koch giving $100 million to Lincoln Center

July 10, 2008 7:34:47 AM PDT
Billionaire oil baron David Koch has pledged $100 million to renovate the New York State Theater at Lincoln Center.

The theater, home to City Opera and the New York City Ballet, will be renamed the David H. Koch Theater.

Koch (COKE) has an estimated net worth of $17 billion and ranks 10th on Forbes' list of richest Americans.

He will donate the money over 10 years.

Koch is a board member of Koch Industries, based in Wichita, Kan. The company was founded in 1927 by his father, Fred, with a fleet of oil-delivery trucks.

The New York Times says the gift represents the largest private capital donation in Lincoln Center's history.