The University of Michigan's business school will receive $10 million from two U-M fraternity brothers and business partners, to create an institute for entrepreneurship, the Detroit Free Press reports.

Sam Zell and Bob Lurie (now deceased) made their fortunes as partners in real estate. Zell and Lurie's widow, Ann, will each give $5 million to the university.

The gift is one of the largest in school history and comes after donations made by Zell and Lurie in the early 1980s for the study of entrepreneurship.

Lurie also gave $12 million for an engineering building and bell tower in 1989.

Zell, 57, is currently the chairman of Equity Residential Properties Trust and Equity Office Properties Trust in Chicago. Forbes magazine has estimated his net worth at about $1.7 billion.

Thomas Kinnear, a marketing professor and former vice president for development, will head the new Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies.

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