Spencer Penrose
Spencer Penrose was born into a prominent Philadelphia family in 1865. In the 1890s, Penrose started working as the manager of Charles Tutt’s real estate office. Tutt, a general supplies merchant and gold assayer, would teach Penrose many skills that would later make him a gold mining success. In 1900, Penrose purchased Utah property with enormous low-grade copper ore reserves. Penrose extracted the copper using a new metallurgical technique that allowed for lower costs and increased efficiency.
After a hugely successful mining career, Penrose turned to venture capitalism as his next endeavor. Penrose contributed to many of the most prominent landmarks in Colorado Springs with vast holdings in many companies. Penrose used his money to invest in other national mineral concerns and financed the construction of the Broadmoor Hotel (1918), the Cheyenne Mountain Zoo (1926), the Will Rogers Shrine of the Sun, and the Pikes Peak Highway (1916). Penrose entered the banking industry, along with business partner Charles MacNeil by purchasing the First National Bank of Denver from David Halliday Moffat and becoming a director of the International Trust Company of Denver.
Today, Penrose’s legacy lives on in the Colorado Springs-based El Pomar Foundation, one of the largest and oldest private foundations in the Rocky Mountains, with assets totaling over $500 million. El Pomar contributes more than $20 million annually through grants and community stewardship programs that support Colorado nonprofit organizations involved in health, human services, education, arts and humanities, and civic community initiatives.
After a hugely successful mining career, Penrose turned to venture capitalism as his next endeavor. Penrose contributed to many of the most prominent landmarks in Colorado Springs with vast holdings in many companies. Penrose used his money to invest in other national mineral concerns and financed the construction of the Broadmoor Hotel (1918), the Cheyenne Mountain Zoo (1926), the Will Rogers Shrine of the Sun, and the Pikes Peak Highway (1916). Penrose entered the banking industry, along with business partner Charles MacNeil by purchasing the First National Bank of Denver from David Halliday Moffat and becoming a director of the International Trust Company of Denver.
Today, Penrose’s legacy lives on in the Colorado Springs-based El Pomar Foundation, one of the largest and oldest private foundations in the Rocky Mountains, with assets totaling over $500 million. El Pomar contributes more than $20 million annually through grants and community stewardship programs that support Colorado nonprofit organizations involved in health, human services, education, arts and humanities, and civic community initiatives.