Man who never went to college leaves $3.5 million estate to University of Nebraska
Blacksmith Leaves $3.5 Million To University Of Nebraska
Man Never Went To College
January 12, 2009
ketv.com
OMAHA, Neb. -- A blacksmith from the tiny town of Gresham, Neb., who never went to college but yet loved to learn, died in January and left his multimillion dollar estate to the University of Nebraska.
Walter Schmitt left $3.5 million to the University of Nebraska Foundation, the sole beneficiary of his estate.
He died at the age of 94, according to his friend, Cindi Heiden, of York.
"We are in awe of Walter Schmitt's generosity, directed to young people he has never met and a school he never attended," said the foundation's president, Clarence Castner, in a formal statement.
It's one of the largest estate gifts the foundation has ever received for scholarships.
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Schmitt amassed his wealth through his years as a blacksmith, a line of work he began after taking over his father's business. Heiden said his parents taught him at a young age the importance of personal finance decisions.
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Schmitt's gift will benefit students at all four campuses in the university system. He requested that the gift be permanently endowed, meaning the $3.5 million will be invested and the net income available each year for scholarships.
It's estimated that about $170,000 will be available each year to students at the four campuses.
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