Getty Trust to Slash Budget as Investments Tumble
Its portfolio dropped 25% during the last half of 2008, from $6 billion to $4.5 billion.
The Getty Trust was established as an operating foundation in 1976 with a $700-million bequest (the equivalent of $2.6 billion today) from oil magnate J. Paul Getty. Since then, it barely has lifted a fundraising finger while covering 93% or more of expenses with its portfolio's earnings.
Its diminished nest egg is now about where it stood in 2002, at the height of the last recession. Then, however, the trust was operating only one site, the hilltop Getty Center in Brentwood, where the Getty Museum is the attraction. In 2006, the renovated Getty Villa reopened near Malibu.
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