A businessman who built a fortune buying and selling factories and became one of the Philadelphia region’s greatest philanthropists has died. Raymond Perelman was 101.

Perelman’s son Ronald Perelman says in a statement that his father died Monday night.

In 2011, Perelman donated $225 million to the University of Pennsylvania medical school, which was renamed the Raymond and Ruth Perelman School of Medicine. Penn says the money sped up research, increased student aid and helped recruit faculty members.

Other gifts include $15 million to what is now the Philadelphia Museum of Art’s Ruth and Raymond G. Perelman Building; $6 million to the Center for Jewish Life at Drexel University; $5 million for the Raymond G. Perelman Plaza at Drexel; and $5 million for the Perelman Theater at the Kimmel Center for the Performing Arts.

“We have lost one of Philadelphia’s great citizens,” Amy Gutmann, the President of the University of Pennsylvania, wrote. “I considered Ray a dear friend—both to me and the University—and I am so gratified to know he will be remembered for the countless lives he has touched through his philanthropy.”

In this Sept. 23, 2010, photo, Raymond Perelman waves to the media as he leaves the bankruptcy hearing and auction for the Philadelphia Inquirer, Daily News and Philly. (Aaron Waters/The Philadelphia Inquirer via AP)
In this Sept. 23, 2010, photo, Raymond Perelman waves to the media as he leaves the bankruptcy hearing and auction for the Philadelphia Inquirer, Daily News and Philly. (Aaron Waters/The Philadelphia Inquirer via AP)

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