Billionaire Ronald Lauder, who for decades remained one of the main financial backers of Republicans in New York, has sharply scaled back his political activity and so far this year has not made a single donation to Republican candidates in the state, The New York Times writes.

Lauder, the 82-year-old heir to the Estée Lauder cosmetics empire and a well-known philanthropist, actively funded conservative initiatives for decades.

He personally supported the campaign to impose term limits in New York, took part in funding a lawsuit against the state’s electoral map, and in 2022 directed nearly $13 million to campaigns that helped Republicans win a majority in the House of Representatives.

Now his super PAC, which for years supported Republican candidates and initiatives, is inactive. In addition, Lauder has dismissed a number of consultants, advertising specialists, and other staff members, many of whom had worked with him for decades.

The reasons for this decision remain not entirely clear. Three people familiar with the situation said Lauder told them about attempts by his adult children to curb his extensive spending on politics, art, and philanthropy. They also pointed to the sharp decline in the value of his stake in the family company: Estée Lauder shares have lost about 77% from their 2021 peak, reducing the value of his holdings by at least $1.2 billion.

At the same time, a person close to the Lauder family told NYT that the reduction in political spending is not related to a lack of money. According to this person, Lauder and his children agreed to simplify the structure of his activities — reducing travel, staff, and public appearances — so that in the final years of his life he could focus on art and philanthropic projects that are meant to preserve his legacy.

Lauder himself did not respond to the publication’s detailed questions about his financial situation and the reasons for the decisions made. In a written statement, he noted that for many years he had used political donations and philanthropy to strengthen New York and intends to continue devoting his time and resources to the city’s development.

Republicans still hope that the billionaire may yet take part in the current election campaign. However, New York Conservative Party chairman Gerard Kassar said that, according to information from Lauder’s former longtime aide, the billionaire and his family have decided that he will no longer be so actively involved in politics.

“Can anyone financially replace him in New York? The simple answer is no,” Kassar said.

Despite the reduction in political activity, Lauder remains an extremely wealthy man. He owns one of the largest private art collections, a Gulfstream private jet, and real estate in Palm Beach and the Hamptons. According to Forbes, the fortunes of Lauder and each of his two adult daughters are measured in billions of dollars.

At the same time, Lauder is taking steps that could have consequences far beyond politics. In particular, he stepped down from the board of directors of Estée Lauder, and in May announced the merger of the New York museum he founded, Neue Galerie, with the Metropolitan Museum of Art.