How Walt Disney’s Housekeeper Secretly Died a Multi-Millionaire
On June 10, 1994, a group of friends and family gathered in a lawyer’s office in Santa Monica, California, to hear the last will and testament of Thelma Pearl Howard. Thelma had passed away quietly in a nursing home a few weeks earlier, just days short of her 80th birthday. From the outside, she seemed like an ordinary woman who had lived a modest life, but the news that followed shocked everyone.
Thelma was a secret multi-millionaire, with a vast stock portfolio that brought in impressive quarterly dividends. On top of that, she had left half of her fortune to charity. So, how did a humble housekeeper end up with so much wealth? The answer lies in a special perk she received while working for Walt Disney.
Thelma’s Early Life
Thelma Pearl Howard was born in June 1915 in Southwick, Idaho, to a poor farming family. She was the second of five children. Sadly, her mother passed away when Thelma was only six years old, during childbirth. Over the years, Thelma faced more hardship as two of her siblings also died before she reached adulthood. At one point, she moved to Spokane, Washington, to attend college, but had to drop out due to financial struggles.
After leaving college, Thelma moved to Los Angeles, where she worked multiple jobs to make ends meet. She worked as a soda fountain server, cleaned houses, and even worked part-time as a secretary. It was a tough life, but it would soon lead her to an unexpected opportunity.
Thelma’s Big Break: A Real-Life Mary Poppins
In 1951, at the age of 36, Thelma landed a dream job when she was hired as a live-in housekeeper at Walt Disney’s grand estate in Holmby Hills, California. Coming from humble beginnings, she was now living in an 8-bedroom, 17-bathroom mansion on 3.6 acres of land. The house had a swimming pool, tennis court, putting green, library, and even a gym. The mansion was more luxurious than anything Thelma had ever imagined.
Before Thelma, Walt Disney had struggled to find a housekeeper who could get along with his two young daughters, Diane and Sharon. The previous housekeeper had even banned the girls from entering the kitchen, which created a tense atmosphere. But Thelma was different. She quickly became close to the girls, who would often sit at the kitchen counter and watch as she prepared elaborate three-course meals. Walt Disney even described Thelma as “the real-life Mary Poppins.”
A Special Perk: Disney Stock
While Thelma’s salary as a housekeeper was more than what most housekeepers earned, it was not enough to make her wealthy. However, Walt Disney offered her a unique perk. Every year, for both Christmas and her birthday, Walt gave Thelma shares of Disney stock as a bonus. At the time, Disney stock wasn’t worth a lot, but as the company grew, so did the value of those shares.
Thelma respected Walt Disney deeply and never sold a single share of stock in her lifetime. She even used some of her own money to buy additional shares. Over the years, her stock portfolio grew, and as Disney became more successful, the value of her shares skyrocketed.
Thelma’s Stock Portfolio Grows
When Thelma first started receiving Disney stock, owning it didn’t seem like a big deal. But between 1945 and 1965, Disney became a cultural giant. Disneyland opened in 1955, and Disney produced a string of hit movies such as Lady and the Tramp, Sleeping Beauty, One Hundred and One Dalmatians, and Mary Poppins. As the company’s popularity and profits grew, so did the price of its stock.
By the time Thelma passed away in 1994, her stock portfolio had grown to an impressive 193,000 shares of Disney stock. At the time of her death, the value of these shares alone was around $9.5 million, which would be equivalent to about $20 million today, after adjusting for inflation.
Thelma Pearl Howard Foundation
In addition to her fortune, Thelma left behind a lasting legacy through the Thelma Pearl Howard Foundation, which she established to support charitable causes. Half of her wealth was donated to this foundation, which helped support various charities, particularly those focused on disadvantaged children and arts education. Having faced many challenges during her own childhood, Thelma was especially passionate about helping at-risk youth.
The other half of her fortune went to her son, who had developmental disabilities and lived in a care facility in Long Beach.
The Legacy Continues
Over the next two decades, the Thelma Pearl Howard Foundation donated millions of dollars to various causes. If the Disney stock she left behind was never sold and is still being held in trust today, it has tripled in value due to stock splits. In 1998, Disney had a 3-1 stock split, which increased the number of shares Thelma held to 579,000. If those shares are still in the trust today, their value would be an astonishing $75 million.
In 2019, Disney paid a dividend of $1.76 per share. On 579,000 shares, that would equate to nearly $1 million in cash dividends, further increasing the foundation’s impact.
From Humble Beginnings to Unlikely Millionaire
Thelma Pearl Howard’s story is one of surprising success. A woman who began life in poverty, worked hard for everything she had, and was kind-hearted enough to be considered a member of the Disney family, ended up with a fortune she never imagined. Through her years of service to the Disney family and her wise investments in Disney stock, Thelma quietly amassed a multi-million-dollar fortune, leaving behind a legacy of generosity and support for those in need.
Her story is a reminder that sometimes, the greatest rewards come from being dedicated, humble, and generous – and that one small act, like receiving a stock gift from your employer, can change the course of your life forever.
FAQ: Thelma Pearl Howard – Walt Disney’s Housekeeper Who Died a Multi-Millionaire
1. Who was Thelma Pearl Howard?
Thelma Pearl Howard was a housekeeper who worked for Walt Disney for over 30 years. She was hired as a live-in housekeeper at Walt Disney’s estate in 1951 and became a beloved member of the Disney family. Despite living a modest life, Thelma secretly amassed a large fortune through Disney stock gifts from Walt Disney.
2. How did Thelma become a multi-millionaire?
Thelma became a multi-millionaire due to Disney stock that Walt Disney gifted her twice a year for Christmas and her birthday. Over the years, Thelma never sold her shares, and as Disney’s value grew, so did the value of her stock portfolio. By the time of her death, her Disney stock was worth millions of dollars.
3. What was Thelma’s salary as a housekeeper?
Thelma’s salary as Walt Disney’s housekeeper was slightly above average for housekeepers, but it wasn’t enough to make her wealthy. Her true wealth came from the Disney stock she was given as a bonus.
4. Why did Walt Disney give Thelma stock?
Walt Disney valued Thelma and wanted to show his appreciation for her years of service. Every year, for both Christmas and her birthday, he gave her shares of Disney stock as a bonus. This was a special gesture that, over time, helped Thelma accumulate a significant amount of wealth.
5. What happened to Thelma’s fortune after her death?
Upon her death in 1994, Thelma left half of her fortune to establish the Thelma Pearl Howard Foundation, a charitable organization that supports causes like children’s welfare and arts education. The other half of her fortune went to her son, who had developmental disabilities.
6. How much was Thelma’s Disney stock worth when she died?
When Thelma died in 1994, the 193,000 shares of Disney stock she owned were worth approximately $9.5 million, which would be around $20 million today, after adjusting for inflation.
7. How much is Thelma’s fortune worth now?
Thanks to stock splits and the growth of Disney, Thelma’s original 193,000 shares could be worth as much as $75 million today, based on Disney’s current stock price.
8. What is the Thelma Pearl Howard Foundation?
The Thelma Pearl Howard Foundation is a charitable organization that Thelma established with her fortune. It primarily focuses on supporting disadvantaged children and arts education, causes that were important to her because of her own difficult childhood.
9. How did Thelma’s wealth benefit others?
Through her foundation, Thelma’s wealth has been used to donate millions of dollars to various charitable organizations. Her generosity continues to impact those in need, especially at-risk children and educational programs.
10. Did Thelma sell any of her Disney stock?
No, Thelma never sold any of the Disney stock she received from Walt Disney. In fact, she even used some of her own money to buy additional shares, growing her portfolio over the years.
11. What lessons can we learn from Thelma’s story?
Thelma’s story teaches us that small acts of kindness and generosity can lead to long-term rewards. It also shows the power of making smart financial decisions, like holding onto valuable assets over time, which can result in unexpected wealth. Finally, Thelma’s legacy reminds us of the importance of giving back to those in need, as she did through her foundation.
12. What happened to the Disney stock after Thelma’s death?
Since Thelma’s shares were never sold and are held in trust, they have increased in value thanks to Disney’s stock splits. As of now, her shares would be worth many times more than when she passed away.