FORT WORTH—Renowned businessman, philanthropist and Fort Worth native Richard Rainwater died Sunday in Fort Worth.

The 71-year-old's cause of death was related to the degenerative brain disease progressive supranuclear palsy (PSP), which he was diagnosed with in 2009.

In the mid-1980s, Rainwater, a Stanford MBA grad, was hired by the Bass family to handle its investments, and with a “Midas touch,” turned the family's millions into billions thanks in large part to a successful investment in The Walt Disney Co.

Later, he branched off on his own, helping form a partnership with George W. Bush to buy the Texas Rangers baseball team.

“I was so saddened to learn that my friend Richard Rainwater died this weekend,” Bush said in a statement. “Richard had a brilliant mind and a generous heart. He was a lot of fun, inspiring to be around and generous and courageous to the very end.”

Other successful Rainwater business ventures included his formation of Crescent Real Estate Equities, Columbia/HCA Healthcare and Pioneer Natural. His net worth was tagged at $2.7 billion by Forbes last year.

And through his Rainwater Charitable Foundation, he had contributed more than $265 million to at-risk youth, higher education, and recently, research on degenerative neurological diseases. After his diagnosis, he founded the Tau Consortium, a group of scientists who were working to find treatment for PSP. The foundation has put more than $50 million into the effort, and planned to provide $15 million for research this year, according to the Star-Telegram.

Funeral services are planned for Friday in Fort Worth.

Instant Insights /

Businessman, Philanthropist Richard Rainwater Dies

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