In 1997 in a much publicized gesture, former CAA head Mike Ovitz pledged $25 million to his alma mater UCLA to help rebuild the earthquake damaged UCLA Medical Center. At the time, it was the second largest pledge ever made to the university and propelled Ovitz onto Fortune Magazine's list of the 40 most generous Americans, landing at No. 22.
The only problem is that UCLA has not received its money. "He has made some payments towards his pledge," says UCLA provost Gerald Levey, who heads the UCLA Health Sciences Center. "We have a policy of not going into the specific number of payments, and we have every expectation that the pledge will be fulfilled."
UCLA Chancellor Albert Carnesale said, "This gift, like most major gifts, is to be paid over a period of years, and I have every confidence that Michael will live up to his commitment."
Ovitz's current wealth is estimated between $150-$350 million depending upon the fluctuating value of his 9 million Disney stock options.