When officials at Sioux Valley Hospitals & Health Systems told him of their dream to transform the facility into a major research institution for children's health, he donated $400 million, and they promised to rename the institution after him — Sanford Health.
"I have been quoted as wanting to die broke," Sanford , 71, said at Saturday's announcement before 1,800 employees and community leaders. Hospital president and CEO Kelby Krabbenhoft "is certainly doing the best job he can to make it happen."
The hospital began in 1894 and has grown to become the largest employer in the region, with 12,000 employees, 340 physicians, 115 clinics and 24 hospitals.
The $400 million will go toward several projects that will bear Sanford's name and expand the health system beyond its current patient base in South Dakota, Minnesota, Iowa and Nebraska.
They include building five pediatric clinics in North America tied to the new children's hospital in Sioux Falls that will bear his name and is scheduled to open in 2009. It would also establish more than 20 separate specialized facilities around a medical center, with a goal of joining the ranks of the world's best hospitals
"One of my hopes is that we create a Mayo for kids," Sanford said later Saturday at a gala dinner to raise money for the children's hospital.
Sanford's net worth is roughly $2.5 billion. He made his fortune as the owner of First Premier Bank, and Premier Bankcard — among the nation's leading credit card providers.
Sanford was ranked 49th on a Business Week magazine list of the 50 most generous philanthropists in November. His biography states that his "primary interest is in helping sick, disadvantaged, abused and/or neglected children."
Sanford's other recent donations include $70 million to convert an abandoned mine into a science laboratory, $16 million for the children's hospital, and $20 million to the health system to expand projects involving the University of South Dakota's School of Medicine.
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