Businessman and philanthropist Raymond Perelman dies at 101

PHILADELPHIA (AP) — A businessman who built a fortune buying and selling factories and became one of the Philadelphia region's greatest philanthropists has died. Raymond Perelman was 101.

Perelman's son Ronald Perelman says in a statement that his father died Monday night.

In 2011, Perelman donated $225 million to the University of Pennsylvania medical school, which was renamed the Raymond and Ruth Perelman School of Medicine. Penn says the money sped up research, increased student aid and helped recruit faculty members.

Other gifts include $15 million to what is now the Philadelphia Museum of Art's Ruth and Raymond G. Perelman Building; $6 million to the Center for Jewish Life at Drexel University; $5 million for the Raymond G.