Richard H. Driehaus, Champion of Classic Architecture, Dies at 78

Richard H. Driehaus, an avid investor who grew his grade-school coin collection into a fortune that he wielded to champion historic preservation and classical architecture, died on March 9 in a Chicago hospital. He was 78.

The cause was a cerebral hemorrhage, said a spokeswoman for Driehaus Capital Management, where, as chief investment officer and chairman, he had overseen some $13 billion in assets.

Mr. Driehaus (pronounced DREE-house) restored landmarks in the Chicago area and gave the city a palatial museum that celebrates the Gilded Age. He also established a $200,000 annual prize in his name for classical, traditional and sustainable architecture as a counterbalance to the $100,000 Pritzker Prize, funded by another Chicago family, which he viewed as a validation of modern motifs that were a “homogenized” rejection of the past.

He was immersed in the stock market from the age of 13, took nosebleed gambles on risky rising stocks, and in 2000 was named one of the 25 most influential mutual fund figures of the 20th century by Barron’s.

Institute of Classical Architecture & Art in 2012.

“The problem is there’s no poetry in modern architecture,” he said in an interview with Chicago magazine in 2007. “There’s money — but no feeling or spirit or soul. Classicism has a mysterious power. It’s part of our past and how we evolved as human beings and as a civilization.”

Asked whether he considered buildings designed by Ludwig Mies van der Rohe, for example, to be appropriate, he told Architectural Record in 2015: “They’re mechanical, industrial, not very human. It’s like my iPhone, which is beautiful, but I wouldn’t want the building I live in to look like that.” He added: “Architects build for themselves and build for the publicity. They don’t really care what the public thinks.”

The first Richard H. Driehaus Prize, presented through the University of Notre Dame School of Architecture, was awarded in 2003 to Léon Krier, a designer of Poundbury, the model British town built according to the Prince of Wales’s architectural principles. The first American laureate, in 2006, was the South African-born Allan Greenberg, who redesigned the Treaty Room Suite at the State Department.

Philanthropy magazine in 2012. “What my dad couldn’t do, I wanted to do.”

he decided that “this was the industry for me” and invested the money he made from delivering The Southtown Economist in stocks recommended by financial columnists. The stocks tanked, teaching him to research each company’s growth potential on his own.

He flunked out of the University of Illinois at Chicago, enrolled in Southeast Junior College and then transferred to DePaul, where he earned a bachelor’s degree in 1965 and a master’s in business administration in 1970. He worked for the investment bank A.G. Becker & Company, becoming its youngest portfolio manager, and for several other firms before starting his own, Driehaus Securities, in 1979. He founded Driehaus Capital Management in 1982.

He married when he was in his early 50s; the marriage ended in divorce. He is survived by three daughters, Tereza, Caroline and Katherine Driehaus, and two sisters, Dorothy Driehaus Mellin and Elizabeth Mellin.

“I never did anything until I was 50,” Mr. Driehaus told The New York Times in 2008. “I spent my early years making money for my clients. Now I’m ready to have some fun.”

He did, staging his own extravagant themed birthday parties for hundreds of guests at his mansion on Lake Geneva (at one gala, he made his grand entrance on an elephant) and indulging his passion for collecting.

He started with furnishings he provided to a bar called Gilhooley’s, then moved on to decorative arts and art nouveau for the landmark Samuel M. Nickerson mansion, a palazzo that he restored as the Richard H. Driehaus Museum. He also amassed a fleet of vintage automobiles.

He gave as good as he got, several hundred million dollars’ worth — to DePaul and to Chicago theater and dance groups, Catholic schools and other organizations often overlooked by major philanthropies. And he felt quite at ease being a very big fish in what he acknowledged was a smaller pond — but a more hospitable one.

“In New York, I’m just another successful guy,” he told the City Club of Chicago in 2016. “You can’t make an impact in New York. But in Chicago you can, because it’s big enough and it’s small enough and people actually get along enough.”

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