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Case file s1292 · Money and markets · 2010
2010
Lake Forest College autumn: Photo of Lake Forest College. By Henry Salas.
Lake Forest College autumn. Osmarsalas at English Wikipedia. Public domain, Wikimedia Commons.
Died
January 2010
Place
Lake Forest, Illinois, USA
Field
secretary at Abbott Laboratories; private investor · Business and finance on the timeline
Legal tradition
Illinois law; private scholarship foundation
Historical event
Great Depression (1935 purchase)

A secretary bought three Abbott shares for $180 in 1935, never sold them, and left $7 million to Lake Forest College

Grace Groner graduated from Lake Forest College in 1931. Wikipedia says she and her twin sister, Gladys, were orphaned when Grace was 12 and that George Anderson, a local figure, paid for both sisters' college†. In 1935 she bought three shares of Abbott Laboratories at $60 each, $180 in all. She worked at Abbott for 43 years and became executive secretary to its president. She never sold the shares. They split many times, and she reinvested every dividend, her attorney, William Marlatt, said. She lived in a one-bedroom cottage in Lake Forest, bought clothes at rummage sales and walked instead of owning a car. She gave the college $180,000 to start a scholarship fund. In 2008 she set up a foundation to receive her estate†. She died in January 2010, aged 100. The foundation received about $7 million to pay for Lake Forest College students' internships and study abroad. She left her cottage to the college to house scholarship students. When told the amount, college president Stephen Schutt said, "Oh, my God." About 1,300 students were expected to benefit.

What the law took from it

Three shares held for 75 years with every dividend reinvested funded a foundation that pays out only its income.

Record vs. record

Wikipedia gives her death as 13 January 2010 in one place and 19 January 2010 in another:

Sources
  1. lakeforest.eduScholarship
  2. NBC NewsPress
  3. philanthropy.comPress
  4. Wikipedia (English)Encyclopedia

Cite as: celebrity.estate, “A secretary bought three Abbott shares for $180 in 1935, never sold them, and left $7 million to Lake Forest College,” story s1292, https://www.celebrity.estate/grace-groner-2010, updated 30 October 2026.

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