Man leaves $4 million to Bay area city | News
Belleair, Florida -- The lights, the decorations, the music; they're all part of the holiday season. Nothing beats the gifts though, and oh boy, did the City of Belleair get a big one. They received more than $4 million in stock and property.
The jaw-dropping gift came from a relative recluse, John J. Osborne, who lived in a modest Belleair home near the golf course.
He died Sept. 9. His obituary was only six sentences long and it ended with "there will be no funeral service". In his will, Osborne bequeathed his entire estate to the City.
John Prevas was his neighbor.
"He certainly lived frugally. He wasn't an ostentatious man. I didn't know he had those kinds of deep pockets," said Prevas.
But apparently, Osborne did, and the city manager called the mayor.
"He says, 'are you sitting down?' I said 'yeah.' He says, 'The estate's $4 million.' I said 'Oh my God'," said Mayor Gary H. Katica.
The gift includes Osborne's home, belongings, and his SUV. The $4 million is mostly in stocks, which will be sold for cash.
Tonight, the City's finance board discussed the gift and what to do with it.
The city manager highlighted five ways the money could be utilized, but there is debate. Some want it spent on city projects, others want it put in the bank to generate interest. Either way, the city is thrilled.
"Don't worry; it will go to good use," said the mayor.