Alan Shawn Feinstein, philanthropist who built fortune on direct-mail schemes, dies at 93

[Pelican Press 0]

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Alan Shawn Feinstein, philanthropist who built fortune on direct-mail schemes, ***** at 93

Alan Shawn Feinstein, the ubiquitous figure whose name adorns buildings throughout Rhode Island,

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Feinstein made his fortune by selling so-called “collectibles” like Mars-themed stamps from Sierra Leone that he suggested would skyrocket in value.

But he was better known as a prolific philanthropist who lived in a modest ranch house in Cranston right up until his ******, while giving away millions to schools and scholarship programs.

For Rhode Islanders who grew up in the 1990s and 2000s, Feinstein was a household name: He made regular visits to virtually every school in the state, handing out Guyanese baseball cards and, later, coupons for free popcorn at the Feinstein IMAX theater at the Providence Place Mall.

Often clad in a gold jacket, he would encourage students to become Feinstein Junior Scholars, which involved pledging to do good deeds and documenting them in a Feinstein-branded journal.

“There’s no yacht in the world that can match 250,000 children pledging to make the world a better place one good deed at a time,” he told The Providence Journal in 2021.

How did Alan Shawn Feinstein make his money?

Feinstein was a true Rhode Island character, despite growing up in Dorchester, Massachusetts, and attending Boston University.

He first moved here with his wife, Pratarnporn Feinstein, who was completing her residency in child psychiatry. The couple also spent time in Pratarnporn’s homeland of Thailand, and Feinstein later said that a private meeting with the king of Thailand

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Feinstein made his millions from publishing newsletters with titles like “International Insider’s Report” and “The Wealth Maker,” which were sent to mailing lists that he purchased from a broker, he

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He also wrote and sold various get-rich-quick titles like “Making Your Money Grow” and “How to Make Money Fast.”

Through direct mail solicitations, Feinstein advertised commemorative items like stamps, collectible coins, and presidential autographs. Among them: A set of stamps issued by Sierra Leone, depicting a Martian rock formation that resembled a human face.

Feinstein never promised that the stamps’ value would balloon, but he quoted a “respected scientific researcher” who suggested that the $135 set could be worth $10,000 or more once intelligent life was discovered on Mars.

A “Beanie Baby-style rush” broke out, The Journal reported. But collectors never saw the return on their investment that they’d anticipated. Today, a set of the stamps

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A ubiquitous name in Rhode Island schools

In 1991, around the time of the Mars promotion, Feinstein formed his first charity, the

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. Within a few years, he had put in about $50 million of his own money, he told The Journal. He started yet another nonprofit, the Alan Shawn Feinstein Foundation, after retiring from the newsletter business in 1996.

Before long, his name appeared on Alan Shawn Feinstein Elementary School in Providence, Alan Shawn Feinstein Middle School in Coventry, University of Rhode Island Alan Shawn Feinstein College of Continuing Education, Alan Shawn Feinstein Graduate School at Johnson & Wales University, the Feinstein College of Arts & Sciences at Roger Williams University, the Feinstein Institute for Public Service at Providence College – just to name a few.

In 2000, Feinstein paid $1.4 million for the naming rights to the Providence Place mall’s IMAX theater. The deal required his name to be the same size as the IMAX logo, and linked to all promotions and ticket sales. But a different company later purchased the theater and removed his name, prompting Feinstein to file a federal lawsuit.

Critics often contended that Feinstein’s generosity came with strings attached – namely, his insistence on being prominently recognized. In 2008, he withdrew an offer to donate $1 million to Westerly Middle School when some community members chafed at the condition that the school be renamed after him.

“I can’t understand why the focus would be on ‘why does this guy have to have his name on everything,'” Feinstein told The Journal at the time, adding, “Ninety-five percent of what I give, my name isn’t on it.”

Charitable legacy will live on

The flood of tributes that poured in after Feinstein’s ****** was announced on Monday suggest that the Cranston resident will be remembered for his philanthropy, not the controversies that sometimes dogged him.

And the Feinstein Foundation will live on: Feinstein told The Journal in 2021 that he expected his daughter, Leila Feinstein, to succeed him as its head.

A ******** service for Feinstein’s family and friends will take place on Sept. 21 at Swan Point *********, his

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states. It will also be live-streamed over Zoom.

This article originally appeared on The Providence Journal:

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