Schulze sells $120 million in Best Buy stock

  • Updated: December 8, 2007 - 7:21 AM
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Best Buy founder Richard Schulze, right, with CEO Brad Anderson in 2002.

Photo: Richard Sennott, Star Tribune

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Richard Schulze, chairman and founder of Best Buy Co. Inc., sold stock this week worth almost $120.4 million.

Schulze sold 1.5 million shares of Best Buy on Dec. 4 for $51.11 each and 850,000 shares at $51.45 per share Dec. 5. He still holds about 69.4 million shares of the company, which at Friday's closing price of $52.71 are worth more than $3.65 billion.

Schulze, 66, founded the home electronics retailer in 1966 as a single store in St. Paul known as the Sound of Music. Schulze gave up day-to-day control of the company in 2002 but remains chairman of the board.

Schulze has become a prominent Twin Cities philanthropist. In 2000, Schulze, who does not have a college degree, gave the University of St. Thomas $50 million.

At the time it was believed to be the single largest gift to any Minnesota college or university.

But at the end of October, Lee and Peggy Anderson gave the university $60 million as part of the school's $500 million, eight-year fundraising drive.

Best Buy did not immediately return calls seeking comment about Schulze's stock sales.

PATRICK KENNEDY

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