SECRET MILLIONAIRE: Petrol station attendant leaves behind millions

Tan KW

Publish date: Thu, 05 Feb 2015, 09:34 PM

05 February 2015 16:03

Perhaps the only clue that Ronald Read, a Vermont gas station attendant and janitor who died last year at age 92, had been quietly amassing an US$8 million (S$10 million) fortune was his habit of reading the Wall Street Journal, his friends and family say.

It was not until last week that the residents of Brattleboro would discover Read's little secret. That's when the local library and hospital received the bulk of his estate, built up over the years with savvy stock picks.

"Investing and cutting wood, he was good at both of them," his lawyer Laurie Rowell said on Wednesday, noting that he read the Journal every day.

Most of those who knew Read, described as a frugal and extremely private person, were aware that he could handle an axe. But next to no one knew how well he was handling his financial portfolio.

Read, the first person in his family to graduate from high school, dressed in worn flannel shirts and spent his free time scavenging for fallen branches for his home wood stove. He drove a second-hand Toyota Yaris.

"You'd never know the man was a millionaire," Rowell said. "The last time he came here, he parked far away in a spot where there were no meters so he could save the coins."

Read graduated from Brattleboro High School in 1940 and during World War II served in North Africa, Italy and the Pacific theatre. Returning home, he worked at Haviland's service station and then as a janitor at a JCPenney store, marrying a woman with two children.

Before his death on June 2, 2014, Read's only indulgence was eating breakfast at the local coffee shop, where he once tried to pay his bill only to find that someone had already covered it under the assumption he did not have the means, Rowell said.

Last week, Brooks Memorial Library and Brattleboro Memorial Hospital each received their largest bequests ever. Read left US$1.2 million to the library, founded in 1886, and US$4.8 million to the hospital, founded in 1904.

"It was a thunderbolt from the sky," said the library's executive director, Jerry Carbone. While a surprise, he said the gift made sense once he learned more about the quiet, shy library patron appropriately named Read.

"Being a self-made man with his investments, he recognised the transformative nature of a library, what it can do for people," Carbone said.

Read's stepchildren survive him but were not immediately available for comment. - Asiaone

Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=455171:secret-millionaire-petrol-station-attendant-leaves-behind-millions&Itemid=4#ixzz3QsFZjRIf

Discussions

9 people like this. Showing 7 of 7 comments

Kevin Wong

Very frugal & humble investor!

2015-02-06 10:43

mmtalents

what's the point? he left a huge fortune that he did not managed to enjoy

2015-02-06 12:08

ar-razi

do you think he ever had a plan to enjoy his huge fortune ? I don't think he made the fortune shortly before he reached his 90s. If he ever plan to enjoy it , he might had spend some of it after he got first few millions, unless he didn't even know about his wealth.

2015-02-06 12:48

mmtalents

just imagine everyone is like him and what this world would be

2015-02-06 13:35

hankc

Ya, what's the point? Nothing beats a new iphone 6+, RM500 addidas shoes and RM200 Super Dry flannel shirt. Instead of being financially stable, you might as well look good for a while (well, until the iphone 7+ comes along). Afterall, you only young once. Viva consumerism!

2015-02-06 13:45

mmtalents

if not with the help of consumerism, how can the company stocks you holding can report a YoY increase of profit and give you big fat dividend?

2015-02-06 14:37

Kevin Wong

Some enjoy spending, some gaya mesti ada, some enjoy saving, some enjoy giving, while some enjoy making $$$...some even enjoy being miserable with their money!

2015-02-06 16:18

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