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Oilman T. Boone Pickens Gives $10M to Reagan Museum

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Texas oil tycoon T. Boone Pickens donated $10 million to the Ronald Reagan library, covering the remaining costs of the new Air Force One Pavilion at the hilltop museum.

The gift from Pickens, who in 1980 was Texas state finance chairman for Reagan's presidential campaign, will allow the foundation to pay off its $32 million construction loan.

"This gift means so much to me," former first lady Nancy Reagan said in a statement Thursday, the eve of the Ronald Reagan Presidential Library's opening ceremony for the pavilion.

"Ronnie and I have been friends with Boone for many years. That his gift helps fulfill my husband's wish for the American people to walk through this historic aircraft is only fitting to their friendship," Mrs. Reagan said.

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  President George W. Bush and first lady Laura Bush were joining Mrs. Reagan at Friday's opening of the pavilion. Former Gov. Pete Wilson, Pickens and longtime Reagan family friend Merv Griffin were also on the guest list.

"History will forever remember President Reagan as one of America's greatest figures," Pickens said in a statement. "He was a tireless and unwavering leader in many areas, and I especially admired his spirited commitment to free enterprise and entrepreneurship."

The foundation will use about $4 million of the Pickens donation to pay off the construction loan. The rest will be placed in an endowment

Pickens, 77, was the founder and longtime chairman of Mesa Petroleum, which was one of the largest oil and gas producers in the country. He left the company in 1996 and became the chairman of BP Capital, an investment firm.

The library's 87,000-square-foot Air Force One Pavilion features the Boeing 707 used by seven U.S. presidents.

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