C. Arnholdt Smith
Encyclopedia
Conrad Arnholdt Smith (born March 13, 1899 in Walla Walla, Washington
– died June 8, 1996 in Del Mar, California
) was the owner of the San Diego Padres
of the National League
from their inception through . Originally the owner of the Padres of the Pacific Coast League
(bought by him in 1955), he was awarded one of two National League expansion franchises slated to start in the season (along with the Montreal Expos
). After failing in an attempt to move the Padres to Washington, D.C.
, he sold the team to McDonald's
founder Ray Kroc
. Smith was a close friend of President Richard M. Nixon, and was with him on election night when Nixon won the presidency in 1968.
Smith was the head of Westgate-California Corporation, a conglomerate which had interests in real estate, seafood canneries, silver mines, and transportation companies. He was also the owner of the United States National Bank in San Diego, of which he had purchased controlling interest in 1933. The bank grew to become the 86th largest bank in the country with $1.2 billion in total assets. The bank failed in 1973, at which time it was the largest bank failure in history, due to an excessive level of bad loans to Smith-controlled companies, which exceeded the bank's legal lending limit. In August 1973, the Internal Revenue Service sued Smith for $23 million. Smith was convicted of embezzlement
and tax fraud in association with the bank failure, but ended serving only seven months in 1984 due to his alleged poor health.
Walla Walla, Washington
Walla Walla is the largest city in and the county seat of Walla Walla County, Washington, United States. The population was 31,731 at the 2010 census...
– died June 8, 1996 in Del Mar, California
Del Mar, California
Del Mar is an upscale beach town in San Diego County, California. The population was 4,161 at the 2010 census, down from 4,389 at the 2000 census. The San Diego County Fair is hosted on the Del Mar Fairgrounds every summer. Del Mar is Spanish for "of the sea" or "by the sea", because it is located...
) was the owner of the San Diego Padres
San Diego Padres
The San Diego Padres are a Major League Baseball team based in San Diego, California. They play in the National League Western Division. Founded in 1969, the Padres have won the National League Pennant twice, in 1984 and 1998, losing in the World Series both times...
of the National League
National League
The National League of Professional Baseball Clubs, known simply as the National League , is the older of two leagues constituting Major League Baseball, and the world's oldest extant professional team sports league. Founded on February 2, 1876, to replace the National Association of Professional...
from their inception through . Originally the owner of the Padres of the Pacific Coast League
Pacific Coast League
The Pacific Coast League is a minor-league baseball league operating in the Western, Midwestern and Southeastern United States. Along with the International League and the Mexican League, it is one of three leagues playing at the Triple-A level, which is one step below Major League Baseball.The...
(bought by him in 1955), he was awarded one of two National League expansion franchises slated to start in the season (along with the Montreal Expos
Montreal Expos
The Montreal Expos were a Major League Baseball team located in Montreal, Quebec from 1969 through 2004, holding the first MLB franchise awarded outside the United States. After the 2004 season, MLB moved the Expos to Washington, D.C. and renamed them the Nationals.Named after the Expo 67 World's...
). After failing in an attempt to move the Padres to Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, he sold the team to McDonald's
McDonald's
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving around 64 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948...
founder Ray Kroc
Ray Kroc
Raymond Albert "Ray" Kroc was an American fast food businessman who joined McDonald's in 1954 and built it into the most successful fast food operation in the world. Kroc was included in Time 100: The Most Important People of the Century, and amassed a fortune during his lifetime...
. Smith was a close friend of President Richard M. Nixon, and was with him on election night when Nixon won the presidency in 1968.
Smith was the head of Westgate-California Corporation, a conglomerate which had interests in real estate, seafood canneries, silver mines, and transportation companies. He was also the owner of the United States National Bank in San Diego, of which he had purchased controlling interest in 1933. The bank grew to become the 86th largest bank in the country with $1.2 billion in total assets. The bank failed in 1973, at which time it was the largest bank failure in history, due to an excessive level of bad loans to Smith-controlled companies, which exceeded the bank's legal lending limit. In August 1973, the Internal Revenue Service sued Smith for $23 million. Smith was convicted of embezzlement
Embezzlement
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted....
and tax fraud in association with the bank failure, but ended serving only seven months in 1984 due to his alleged poor health.