No. 16: Foundation for the Carolinas

The foundation bought the Carolina Theatre in Charlotte for $1

UNITED STATES - £198m

Since 1958, the Foundation for the Carolinas has connected individuals, companies and organisations to needs and philanthropic opportunities across North and South Carolina (combined population over 14m), and beyond.

As a community foundation, the Foundation for the Carolinas works in cooperation with donors, civic leaders and non-profits to help achieve charitable goals in various fields. The total assets owned and represented exceed £1bn.

In 2013, the foundation bought the Carolina Theatre in Charlotte for $1, with the aim to renovate it for £23m. The 36,000sqft Carolina Theatre building has been vacant since 1978, and the Foundation plans to partner with a developer on a new multi-story building at the corner of Tryon and Sixth streets featuring office space or a hotel.