(A federal grand jury recently subpoenaed financial records of Carona's foundation. Federal officials have not disclosed why they want the documents.)
Gelbaum, a native of Minnesota who moved to California as a teenager, was a math prodigy who parlayed his talents into a highly lucrative three-decade career using mathematical formulas to pick stocks and bonds for wealthy investors in hedge funds.
He won't say how much he made. He started giving his money away in ever-larger amounts in 1994.
"Most wealthy people spend their lives trying to make more and more money rather than give it away," Gelbaum said during a series of interviews that he agreed to only reluctantly. "They wait too long. They are depriving themselves of a lot of joy. I'm doing what I want to do. It's not like it's money that I or my family will ever need.
"It's a joy to see this land preserved and opening these kids' eyes to the natural world. It's not like burning the money. It goes into the land or into the kids' experiences. Both last forever."
Some charitable foundations have given more money to conservation causes, but much of it is aimed at saving tropical rain forests or other overseas ventures. The only individual whose contributions to California conservation rival Gelbaum's is Caroline Getty, granddaughter of oil tycoon J. Paul Getty. She recently donated $150 million to the Preserving Wild California project of the Resources Legacy Fund Foundation.
Gelbaum said his interest in land conservation was inspired by camping trips he took with his father and brothers to lakes in northern Minnesota, as well as Yellowstone National Park and Mt. Whitney. "Those were the happiest memories of my childhood."
It isn't enough, he said, "to protect wilderness just for people who can afford to go to it. I think bringing kids out to the wild is unquestionably the right thing to do. These kids have pretty tough lives. It opens their eyes to the world outside of their neighborhood. Some of the kids will grow up to protect the land they learn to love. You could look at it as an investment into the environment."
When making donations, Gelbaum usually insists that his identity not be revealed -- out of concern, he says, for his family's security.
Besides, he said, "I don't think that if you have a lot money and you give away a lot of money, you should get a lot of recognition. You shouldn't be able to buy that."
