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October 27, 2014

With Patron's Death, Growth in Store for Scaife Foundations

Three philanthropic entities long led by the late Richard Mellon Scaife are due for major changes with the distribution of the billionaire media mogul's estate, reports the Pittsburgh Post-Gazette. The Sarah Scaife Foundation, a conservative think tank, will absorb a similar, sibling institution, the Carthage Foundation. Mr. Scaife's Allegheny Foundation, which supports historic preservation, civic development, and education projects primarily in Western Pennsylvania, is also set to expand dramatically.

The Pittsburgh Tribune-Review publisher died July 4, leaving an estate estimated at $1.4-billion. His will established trusts to be jointly controlled by the Sarah Scaife and Allegheny foundations, which will grow to about $800-million and $400-million in assets, respectively, according to the Post-Gazette.