Richard C. Blum: Investing Legacy, UC Regents Conflicts, and Estate Fallout

Richard C. Blum (1935–2022) was a wealthy San Francisco investor, UC Regent, philanthropist, and husband of Senator Dianne Feinstein.
He built his fortune through Blum Capital and high-profile deals like Ringling Bros., while funding initiatives such as the American Himalayan Foundation and the Blum Center at UC Berkeley.
Blum faced persistent conflict-of-interest allegations over UC investments, government-related contracts, and his involvement in preferential UC admissions.
After his 2022 death and Feinstein’s 2023 passing, his estate, business ties, and ethical legacy have come under heightened legal and public scrutiny.

Background and Career Highlights

Richard Charles Blum was born July 31, 1935 in San Francisco; after earning a BS and MBA from UC Berkeley (1958-59), he built wealth through investment firms including Blum Capital Partners, and served on various boards. [2] Found early success via the acquisition of the Ringling Bros. circus in the 1970s led to a $40 million sale to Mattel; that deal helped establish his reputation. [2][3]

Alongside business, Blum took on civic roles: appointment as UC Regent from 2002 until his death; founding the American Himalayan Foundation in 1981, which built hospitals and schools in Tibet and Nepal; and establishing the Blum Center for Developing Economies at UC Berkeley with major donations. [2][3][10]

Controversies and Ethical Scrutiny

Blum’s business activities were often intertwined with political and institutional roles. Notably, his firm received major contracts in contexts where Feinstein had influence, such as UC investment decisions, FDIC property sales, and military/prosthetics contracts. Critics argue these represented conflicts of interest. Blum denied wrongdoing in many cases. [1][4][2]

In 2020, a California State Auditor report found Blum had written letters of recommendation for connected applicants in UC admissions—including less qualified individuals—raising questions about fairness and integrity in public higher education admissions. [4]

Death and Posthumous Issues

Blum died from cancer on February 27, 2022 at his home in San Francisco. [2] Public figures—from California and national leadership—praised his philanthropic contributions and compassion. [3]

Following Blum’s death, and particularly after Senator Feinstein’s death in 2023, disputes over assets and legacy have intensified. The management and distribution of his personal and business assets have drawn public and legal attention. [5]

Strategic Implications

Public institutions like the University of California may need to strengthen policies around conflicts of interest, especially involving regents with private investments. Blum’s case illustrates the potential reputational risk and governance challenges.
Philanthropic contributions tied to global development or humanitarian work can build enduring legacy—but are vulnerable to critique if paired with business practices seen as self-serving. Balancing reputation, ethics, and impact is crucial.
Asset succession and transparency post-death matter especially for high-profile individuals: unclear financial entanglements can lead to legal fights, political fallout, and erosion of public trust.

Open Questions

To what extent were Blum’s business dealings structured to avoid actual conflicts vs perception of impropriety, especially over government contracts and public retirement funds?
What are the outcomes of any investigations into UC admissions letters, and could policy changes result from them?
How have Blum Capital and related holdings been managed since his death, and what oversight exists for their impact and public accountability?
What effect have these controversies had on Senator Feinstein’s legacy, particularly in light of her political positions and family disputes over assets?

Supporting Notes

Blum was born July 31, 1935; held BS and MBA from UC-Berkeley; died February 27, 2022 at age 86 in San Francisco. [2]
He founded Blum Capital in 1975; early major deal included acquiring Ringling Bros. and Barnum & Bailey for $8 million and selling to Mattel for ~$40 million. [2]
Founder of the American Himalayan Foundation (1981); donated $15 million to establish the Blum Center at UC Berkeley, and later an additional $12 million to endow a chair. [2]
From 2002 until his death, served as UC Regent (re-appointed in 2014); also chaired CB Richard Ellis among other board positions. [2]
Controversial roles: directing UC funds into private equity; criticized for investing in for-profit education (ITT); receiving contracts tied to Feinstein’s political sphere. [1][2][4]
2020 California State Auditor found he sent recommendation letters for connected applicants admitted via athletics despite weak qualifications; UC policy (“Regents should not seek to influence inappropriately”) says letters limited in scope. [4]
Following Feinstein’s death, family disputes over access to assets left by Blum have been reported, suggesting legal complexity around his estate. [5]