Photo: The Chiacgo Tribune
In 1935, Grace Groner bought three $60 shares of specially issued Abbott stock and never sold them.When she passed away in January, her estate was worth $7 million.
According to the Chicago Tribune, Groner had started working for Abbott Laboratories as a secretary in 1931. She lived modestly throughout her life (her small house is pictured) and always walked and bought her clothing on sale.
Her attorney, William Marlatt, says she made an enourmous profit off just three Abbott shares because the shares split many times over the next seven decades and Groner reinvested the dividends.
“Oh, my god,” said the Lake Forest College president when he discovered that she had left all of her money to the college.
The money is going into a foundation that will fund internships and study-abroad progams for students of the tiny college.
If it isn’t already obvious, Groner was one of the nicest old ladies ever. She funneled anonymous gifts through Marlatt to needy local residents, volunteered for the local church, and also willed her house to Lake Forest College.
It will be turned into living quarters for women who receive foundation scholarships and called: Grace’s Cottage.
Business Insider Emails & Alerts
Site highlights each day to your inbox.