State News Tycoon builds fortune, gives it away incnMULIdiev ness PORTLAND — Over the past 40 years, Joe Weston was quietly building an empire on the city’s east side, steadily acquiring land and putting up apartments. Now, just as quietly, he's plan ning to give most of it away. To him, its a simple matter of principle: “I made up my mind awhile ago that you don’t pass ex cess wealth on from one genera tion to another.” “Joe is Oregon’s best-kept se cret,” said developer Homer Williams, a partner in the Hoyt Street Yards project in northwest Portland. Here’s a guy with thousands of apartments and millions of square feet of commercial proper ty. And eventually, it will all go to charity. That’s the way Joe is.” Growing up, Weston didn’t re ally know what he wanted to do, but he knew what he wanted to be: better off. He earned his way to Oregon State University selling newspa pers, working as a soda jerk and sweeping up at a local bakery. But he didn’t stay there long. “I was sitting in one of those big lecture halls at Oregon State,” remembers Weston. “And I thought, ‘There’s more money in running a school than there is sit ting in a school.’ So I started the Portland Real Estate School.” The school served as the launching pad for his businesses. “I came up with a plan, and I stayed with it,” he said. “If you do that, success is attainable.” Just as Weston foresaw his own success early on, he likewise knew he’d eventually turn over his assets to help others. Toward that end, he formed the Joseph E. Weston Foundation, run by the Oregon Community Foundation. People don't know the name Weston," said Greg Chaille, presi dent of the Oregon Community Foundation. “He’s not doing the kind of giving that attracts publici ty-” Weston crafted a mission state ment for the foundation five years ago, and at the top of the list are education, children and the work ing poor. My heart is with the working poor,” he said. “I can relate to them.” Weston bought his first duplex in 1957 with $2,500 in savings, forming the Weston Investment Co. A decade later, Weston In vestment began swooping into neighborhoods on Portland’s in ner east side. The company would purchase older homes, tear them down and replace them with apartments. As the economy changed in the 80s, Weston began buying ware houses and office buildings in northeast Portland, then commer cial properties in Washington County. In 1993, Weston made his move into downtown Portland, picking up the Commonwealth Building at auction for $1.9 mil lion. By the end of 1997, Weston had acquired eight downtown proper ties — now worth $27.7 million — on or near the city’s light-rail lines. In each of the past seven years, Weston donated property valued at more than $1 million to OCF, then leased the land back from the foundation. There are tax advantages, but proceeds go into the Weston Fund, which funds a wide range of organizations — from Cascade AIDS Project to the House of Umoja to Loaves and Fishes to most Portland-area high schools. All Ways Travel Pans -$389.00* Quito -$715.00* *tax not included, restrictions may apply FreeEurail Pass!!! Stop by to register to win!!! Want to travel to Australia??? Ask us about the great deals!!! E-mail: awt@luv2travcl.com Oregon daily emerald worldwide WWW. dailyemerald.com ■j SPRING T£RM f ART liiORRSNOP ^ SCH£BUL£S re noM available at the Craft Center University of Oregon - £Rft Memorial Union Registration starts W Phone: M6-