SALT LAKE CITY. Utah (Forbes), February 10, 2008:
James LeVoy Sorenson, founder of Salt Lake City’s Sorenson Companies and ranked No. 68 on The Forbes 400 succumbed to cancer at age 86 on January 20. An active philanthropist, he leaves his sizable fortune in the hands of the Sorenson Legacy Foundation. Forbes estimates the gift to be worth $4.5 billion, though the Sorenson family declined to say.
The son of a ditch-digger, Sorenson entered the working world at age 8, harvesting almonds and selling magazines door-to-door. School proved challenging for the burgeoning businessman, perhaps for lack of adequate encouragement: A teacher once told his mother he was mentally retarded and may never have the ability to read.She was wrong. Sorenson went on to excel as an inventor, developing such medical necessities as the disposable surgical mask and a thin-walled steel needle. He filtered his talents into Sorenson Research and amassed the bulk of his wealth when the company was sold to Abbott Laboratories in 1980 for $100 million in stock. Instead of selling he kept the stock, now valued at $2.7 billion.
The entrepreneur’s home state of Utah stands to benefit greatly from this wealth. Raised in extreme poverty during the Great Depression, “he was a long-time supporter of organizations that serve disadvantaged children,” said James Lee Sorenson, Sorenson’s son. Such organizations include the Sorenson Multicultural Center in Salt Lake City, the Utah Youth Village, the YMCA of Greater Salt Lake and the Primary Children’s Medical Center. He also gave generously to health care facilities, Utah’s universities and to the Sorenson Molecular Genealogy Foundation.
Sorenson’s hefty donation did not come as a surprise to family members. “Particularly in the past 10 to 20 years, we knew my father had focused more on philanthropy and giving back,” said James Lee Sorenson. Though the younger Sorenson did not provide specifics on where the money will go the Foundation will likely support the late Sorenson’s favorite charities.
Massive donations seem to be a trend among the world’s billionaires: In 2006, Bill Gates, the world’s richest man, revealed he would retire from Microsoft in 2008 and transfer nearly all of his billions to the charitable foundation bearing his name. Weeks later, friend and fellow rich-lister Warren Buffett followed suit, announcing he would posthumously donate his $52 billion fortune to charity, largely to the Bill and Melinda Gates Foundation.
By Marisa Rindone
© 2008 Forbes.com LLC™
