Couple gives theater $10M

South Coast Repertory has received a $10 million gift from longtime theater patrons George and Julianne Argyros.

“The gift will help us bring in quality artists with increased compensation and obtain the most sophisticated technical equipment,” said South Coast Repertory Artistic Director David Emmes.

The gift is part of the theater’s newly unveiled Legacy Campaign, which will raise $24 million in endowed funds and $15 million in annual funding.

The announcement was made at the South Coast Repertory annual gala Saturday evening at the Ritz-Carlton Laguna Niguel, which raised $600,000 toward artistic and educational programs at the theater.

“George and I are proud to have been associated with SCR since the 1970s,” said Julianne Argyros. “SCR not only advances the art of theater in America but also serves tens of thousands of young people with exemplary educational programs.”

The Argyros’ multi-million dollar gift will establish the Julianne Argyros Stage Endowment to support artistic programs on and the preservation of the Julianne Argyros Stage.

A prior $5 million gift from the Argyros family was used to build the 336-seat theater that bears the Argyros name, one of three stages at South Coast Repertory. The theater launched a five-year fundraising campaign in 2005 to raise $15 million for the South Coast Repertory’s endowment, as well as $15 million to support annual funds for five years.

“In only two short years we’ve met the original endowment goal of $15 million,” said Tim Weiss, South Coast Repertory vice president for advancement and chairman of the Legacy Campaign committee. “Based upon this success, the board agreed to raise the endowment goal to $24 million. This, in addition to the current endowment of $26 million, will achieve SCR’s long-range goal of a $50 million endowment.”