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Shirley Temple Family Gives $5 Million to Academy Museum

The Academy of Motion Picture Arts & Sciences has received a gift valued at more than $5 million from the family of the late Shirley Temple Black. As a result, the Academy Museum of Motion Pictures has named its educational center The Shirley Temple Education Studio.

The studio will provide hands-on workshops in moviemaking techniques, as well as inspire creativity and critical thinking. A core feature will be its teen  initiative, serving students from diverse backgrounds in the greater Los Angeles area.

In addition to financial support, the Temple gift included unique objects from the Hollywood career of the child star, including the miniature Oscar presented to her at the 1934 Academy Awards; the tap shoes and portable wooden practice-steps given to her by dancer Bill “Bojangles” Robinson for their stair dance routine in 1934’s “The Little Colonel”; and her first set-chair from Fox Studios.

Kerry Brougher is the Academy Museum director. The Academy is raising $388 million to support the building, exhibitions, and programs of the Academy Museum. The capital campaign was launched in 2012 and is chaired by Bob Iger and co-chaired by Annette Bening and Tom Hanks. The Academy has already secured more than $250 million in pledges from more than 1,300 individual donors globally. The Los Angeles museum ― slated for completion in 2018 ― will be housed at the old May Co. building at Wilshire and Fairfax.

Also on Thursday, Wells Fargo Securities announced the fast success of its $341 million in tax-exempt, fixed and floating rate “Oscar Bonds” to fund construction. Institutional sales began Wednesday, and the bond series oversubscribed quickly. The offering was described as one of the largest tax-exempt bond offerings for a cultural institution in the last decade.

“Wells Fargo is honored to bring the Academy’s largest bond offering to the market. The offering was extremely well-received by investors,” said Phil Smith, head of Wells Fargo government and institutional banking. “Total orders for these ‘Oscar Bonds’ were six times the amount of bonds available, which allowed the bonds to be repriced resulting in a lower borrowing cost for the Academy.”

Representing the Academy in negotiations was chief finance officer Andy Horn. Serving as corporate counsel for the Academy was L.A. law firm Irell & Manella (including attorneys Joshua Grode, Mitchell Cohen, Ashok Mukhey and Sam Kozhaya). Repping Wells Fargo Securities as underwriter were Rick Chisholm, managing director for Wells Fargo Securities, and Doug Brown, director for Wells Fargo Securities.

 

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