Philadelphia native businessman, philanthropist Raymond Perelman dies at 101

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.

Perelman attended the University of Pennsylvania before beginning a career that would launch his world renown legacy.

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.

"Raymond was not only a renowned businessman and an extraordinarily generous philanthropist but most importantly for me, he was a mentor and a wonderful father, as well as a deeply loving grandfather and great grandfather," said his son, Ronald Perelman.

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. Perelman Plaza at Drexel; and $5 million for the Perelman Theater at the Kimmel Center for the Performing Arts.