SAN ANTONIO--(BUSINESS WIRE)--The gift received from the estate of John L. Santikos, local cinema businessman and real estate entrepreneur, has an estimated value in excess of $605 million. He donated the bulk of his estate to the San Antonio Area Foundation who will manage distributions to nonprofits and ensure the Santikos businesses continue to operate.
This valuation represents the largest gift in the 51-year history of the Area Foundation and is the largest single gift on record in San Antonio. Santikos gifted the bulk of his estate, including his theater and real estate businesses and raw land assets to the Area Foundation after careful research on the best method for establishing a legacy fund that could make significant annual donations beyond his lifetime. The donation will fulfill Santikos’ desire to support a wide range of charitable programs in the local area. It will more than triple the community Foundation’s asset size.
Following Santikos’ passing in December of 2014, and to honor his wishes, the estate released $6.6M in 2015 for memorial gifts. 141 grants were awarded to 113 agencies whose missions align with Santikos’ personal passions. Four nonprofits will honor the late entrepreneur with building naming rights. Among the four, the Southwest School of Art ($1.5M recipient) has announced the renaming the Navarro Campus building to the John L. Santikos Building, located on the northeast corner of Navarro and Augusta. A full list of 2015 recipients is located in the press kit.
“This truly is a transformative gift from our dear friend John Santikos. The Area Foundation is humbled and grateful to have the tremendous responsibility in continuing his legacy,” said Dennis E. Noll, President and CEO of the San Antonio Area Foundation. “He led a quiet, private life, but his final acts in life to prepare for the future of others speak loudly upon his legacy and showcase the visionary that he was, both in business and civic-minded matters.”
In 2016, the Area Foundation will announce the formal application process for the John L. Santikos Charitable Foundation, a fund of the San Antonio Area Foundation. Expectations for 2016 are to nearly double the 2015 allocations and plan for continued, measured increases each year thereafter. Santikos’ legacy will provide opportunities for greater impact to organizations that fall under his areas of interest to include: people in need (seniors, special needs, victims of child abuse and disaster relief); youth and education (K-12 and higher education); public libraries, parks and museums; arts and culture; and medicine, healthcare and medical research. For more information, please visit saafdn.org/santikos.
About the San Antonio Area Foundation:
The San Antonio Area Foundation is the community foundation serving the San Antonio Area for more than 50 years. The Area Foundation helps donors achieve their charitable goals and serves as a collaborative leader, investing in the future of our community by bringing people together to address key community issues. The Area Foundation manages more than 500 charitable funds and nearly $290 million in assets. Since 1964, more than $260 million for scholarships and grants have been awarded to nonprofits that educate youth, preserve the environment, protect animals, fund research and provide a variety of services that enhance the quality of life in our region. Learn more at saafdn.org.
About Santikos Enterprises, LLC:
Santikos Enterprises, LLC is comprised of cinema business, commercial rental properties and raw land ownership. The Santikos Theatre circuit including seven theatres in San Antonio – Palladium IMAX, Silverado 16, Mayan Palace, Embassy, Rialto Brewhaus, Northwest 14 and the Bijou – San Antonio’s only Art Film venue. A new location, the Casa Blanca, is currently under construction in far west San Antonio with a planned opening in early 2016. And two theatres in the Houston area – Palladium AVX in West Houston and Silverado IMAX in Northwest Houston. The commercial properties in San Antonio, coming in at approximately one million square feet of rental real estate, include the award winning Legacy Project in north San Antonio. Learn more at santikos.com.
