Editorial: Weinberg’s legacy in Hawaii

Too much real estate in Hawaii — that’s an odd “problem” to have. But when it involves the $2.7 billion Harry & Jeanette Weinberg Foundation, the trust’s decision to rebalance its property-heavy investment portfolio is sure to create ripples of concern throughout Hawaii’s communities. Speculation flew about the future of the foundation, which has donated $350 million over nearly three decades to help Hawaii’s poor and vulnerable.

Not to worry, apparently. Yes, the Weinberg Foundation is putting up various properties for sale, but said that’s to better balance its assets. It’s not going anywhere — and in fact, just upped its annual charitable commitment here to $12 million, from the $10 million in recent years. On behalf of the many worthy beneficiaries buoyed by Weinberg’s largess, let’s hope this continues.

Some 90 Hawaii organizations receive Weinberg grants, including hefty $1 million contributions to such groups as Hale Kipa and Catholic Charities of Hawaii. More than 80 buildings or facilities bear the foundation’s name, including the Harry & Jeanette Weinberg Emergency Medical Services Building, blessed just last year at the Waianae Coast Comprehensive Health Center.

Harry Weinberg was a colorful, self-made near-billionaire when he died at age 82 in 1990. A Monday article by Star-Advertiser reporter Andrew Gomes reminded just how colorful and self-made Weinberg was — and how he directed his foundation to use its considerable assets to exclusively help the poor. It’s important to hear that even as the foundation’s trustee management changes, Weinberg’s legacy won’t.