A BILLIONAIRE THAT NO ONE KNEW WHO BECAME ONE OF AMERICA'S GREAT PHILANTHROPISTS

John D. MacArthur was a man almost no one in America knew and yet at his death in 1978 he was one of only two billionaires in this country. He was born into poverty in 1897 at Pittston Pennsylvania, to a fire-and-brimstone preacher father. He found his place only in the late-thirties when he bought Bankers Life and Casualty, a then-bankrupt Chicago Illinois, insurance company. The company, which he paid $2,500 for, became the cornerstone of a business empire that eventually included a dozen other insurance companies and multiple real estate holdings, especially in Florida.

MacArthur lucratively, invested in Florida real estate. In 1954 for $5.5 million MacArthur bought 2,600 acres of land in northern Palm Beach County that had been owned originally by Harry Seymour Kelsey and later by Sir Harry Oakes. The land included most of today's Lake Park, North Palm Beach, Palm Beach Gardens and Palm Beach Shores.

In a new book by Nancy Kriplen called Eccentric Billionaire the life and times of MacArthur is chronicled: MacArthur first married the former Louise Ingals and had two children: a son, U.S. businessman and philanthropist, J. Roderick MacArthur (1920-1984) and a daughter, Virginia MacArthur. The couple divorced in 1926. In 1928, MacArthur married Catherine T. MacArthur, nee Hyland, who intimately involved herself for decades in management of his companies and for whom his charitable foundation is co-named.
It was at his death however when he really became famous. To avoid conflict of interest rules, the company was sold after MacArthur's death by the foundation he created. Because of MacArthur's extraordinary vision and leadership Bankers Life created altogether new financial markets: Bankers Life is today a leader in long term care insurance in the U.S. The company is today publicly held with a capitalization of approximately $6 billion. It is one of the Conseco Insurance Companies. The company brought in a many billions of dollars which were invested and a foundation named the William D and Catherine T. MacArthur Foundation was formed. The current mission of the foundation seeks “the development of healthy individuals and effective communities; peace within and among nations; responsible choices about human reproduction; and a global ecosystem capable of supporting healthy human societies.” The grant programs are divided along these lines, and grants are made to support research, education and training, and policy development. In addition to staff at the foundation’s headquarters in Chicago, international offices are located in Brazil, India, Mexico, Nigeria, and Russia. About 35 percent of the foundation’s grants are made to organizations outside the United States. Large grants also go annually for the support of Public Television and are among the largest for that public institution. We owe so much to this giant who lived like a middle class American in the three-bedroom house he bought in his early days. With all of his billions he even drove a junker car wherever he went.