Historic Cuneo estate in Vernon Hills donated to Loyola University

When the Rev. Michael Garanzini, Loyola University Chicago's president, needed $15 million for a new classroom building, he turned to John Cuneo Jr., the Lake County businessman whose prominent family had a history of supporting the Catholic university.

Cuneo had something grander in mind. He suggested giving the university the historic Cuneo Museum and Gardens in Vernon Hills, including the mansion's art and furnishings, an adjacent 50 acres, and funds for upkeep of the property.

The gift from Cuneo, his wife, Herta, and the Cuneo Foundation, estimated at about $50 million, is the largest in the school's history.

Loyola plans to develop the adjacent property to raise the funds needed for the classroom building on the university's Lakeshore campus, to be named Cuneo Hall and expected to be completed in 2012.

Other revenue from the development will be used for student scholarships.

"What was a request for $15 million became a gift of $50 million, if you want to be crass about it," Garanzini said. "He is making me work for it. He gets something out of it, too. He gets his mansion taken care of."

The ownership change is expected to take place March 1. Loyola has agreed to maintain the property for at least 20 years. Garanzini said the university will hold onto the vacant land "until the market is right."

Cuneo suggested it could be ideal for an assisted living facility because elderly residents would be able to walk to the gardens.

New development could include a facility for graduate programs, Garanzini said. "We haven't done all the studies yet, but we think there is a possibility that it could be an avenue for more activity for the university," he said.

Garanzini has become close with the Cuneo family, even traveling with them as they traced their roots to Cuneo, Italy, several years ago. The family has supported Loyola since the 1940s, and John Cuneo Sr. in 1950 helped found the Stritch School of Medicine Annual Award Dinner, an event that has become the school's largest annual fundraiser.

Built in the early 1900s, the grand family mansion was first the home of Samuel Insull, the founder of Commonwealth Edison Co. John Cuneo Sr., who made his fortune in the printing business, bought it in 1937.

Cuneo's wife, Julia Shepard, lived there until her death in 1990.

The mansion-turned-museum opened to the public in 1991, attracting about 10,000 visitors a year.

The home houses the family's collection of antiques, paintings and other works of art.

There is a grand hall surrounded by balconies and a sun porch that was converted to a chapel. A gazebo in the garden was used in the filming of "My Best Friend's Wedding."

Cuneo Jr., the owner of Hawthorn Corp., which rents elephants and other animals to circuses, said he gave a lot of thought to the future caretaker of his childhood home.

"I wanted to make sure this house was left in good, safe hands," Cuneo, 78, said. "I wanted it done right and these are the kinds of people who can do that type of thing."