in their home arena, the Ice Palace. He lost to insurance tycoon Art Williams, but only months later Williams sold the team to Davidson and Palace Sports at a huge loss. When Davidson acquired the Lightning franchise in 1999, the price was $100 million; its value has recently been estimated at $136 million. Tampa Bay won the Stanley Cup under Davidson's ownership in 2004. On August 7, 2007 Davidson sold the Lightning franchise. Davidson was honored by the Pistons in 2006 when he was given a banner next to the team's retired numbers. His name (as "Bill Davidson") was also placed on the Palace floor along with Pistons legends Dave Bing, Bill Laimbeer, Vinnie Johnson, Chuck Daly, Joe Dumars, Isiah Thomas and Bob Lanier. In 2008, Davidson was elected to the Naismith Memorial Basketball Hall of Fame as a contributor for his successes as an owner of the Pistons and Shock. He was also an inaugural inductee into the Jewish Sports Hall of Fame. At the time of his death, Davidson lived in Bloomfield Hills, Michigan with his wife, Karen. He had two children, Ethan and Marla, and three stepdaughters, including actress Elizabeth Reaser. His combined business ventures led him to an estimated net worth of $3.5 billion, which led to Forbes ranking him as the 68th richest man in the United States. Philanthropic activities A noted philanthropist, Davidson gave extensively to various organizations. He was one of the founders of the Pistons/Palace Foundation, a charity that has donated more than $20 million in cash and merchandise since 1989. In 1995, the foundation partnered with the City of Detroit's Parks and Recreation Department to establish the Partnership to Adopt and Renovate Parks for Kids (PARK) Program, which provided restoration of Detroit parks, basketball courts, baseball diamonds, running tracks and playground equipment. In 1992, the William Davidson Institute at the University of Michigan was created at Davidson's alma mater, the Ross School of Business. A gift of $30 million was given to provide assistance in a special program to help develop market economies throughout the world. In total, Davidson's gifts to the school exceed $55 million. In 1997, the Council of Michigan Foundations honored Davidson for his lifelong philanthropic efforts locally, nationally and internationally. He was listed as one of America's most generous donors in a New York Times article that same year. Davidson enabled the Detroit Symphony Orchestra to make