MacKenzie Scott donates two Beverly Hills mansions worth $55 million to charity

MacKenzie Scott, the American philanthropist best known for her previous marriage to Amazon founder Jeff Bezos, has donated two mansions in Beverly Hills valued at $55 million to charity.

According to Dagens PS, the properties were part of the settlement from her 2019 divorce from Bezos, when she received around 4 percent of Amazon shares, which she has since largely distributed through philanthropy.

The two luxury homes were transferred to the California Community Foundation, a nonprofit organization focused on social issues in Los Angeles, in 2022. The foundation later sold the larger of the two properties for $37 million, with proceeds directed toward affordable housing initiatives in the area.

Rather than liquidating the assets outright, Scott structured the donation so that the proceeds from the sale would be invested in a fund. The fund’s returns are intended to provide grants for housing projects indefinitely, while the principal amount remains intact to continue generating income.

Scott’s donation of physical assets, rather than cash or stock, demonstrates an alternative approach to philanthropy. The funds from the Beverly Hills properties are expected to support housing affordability in Los Angeles in perpetuity.

MacKenzie Scott has given away an estimated 46 percent of her fortune, which is valued at more than $41 billion. Her giving model differs from many other billionaire philanthropists, as she imposes no restrictions on how recipients use the funds.

Her approach has been described as a trendsetter in trust-based philanthropy, contrasting with the more restrictive practices of other high-profile donors. Observers note that her model may influence future standards in the field.