Billionaire philanthropist Ted Stanley dies at age 85

AP News
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Posted: Jan 04, 2016 5:17 PM

NEW CANAAN, Conn. (AP) — A billionaire businessman and philanthropist who made one of the largest private donations for scientific research has died in Connecticut. Ted Stanley was 85.

Son Jonathan Stanley said Monday he died overnight at his home in New Canaan (KAY'-nuhn) but didn't say the cause.

In 2014, Ted Stanley committed $650 million to the Broad Institute, a biomedical research center in Cambridge, Massachusetts, for the study of psychiatric disorders.

Stanley became involved in the cause in the 1980s, when his son was diagnosed with bipolar disorder while in college.

Stanley made a fortune selling collectibles, beginning with a series of medals commemorating the moon landing in 1969. His Norwalk-based company, MBI, specializes in marketing consumer products.