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-59- In announcing the decision, Mr. Ripley said: "After the most careful study, and with the benefit of advice from outside consultants, we have most regretfully had to face up to the economic reality that the funds available simply will not permit the Smithsonian Institution to realize its hope of operating Hillwood as one of its public museums. "We look forward to continuing close relations with the family of Mrs. Post and the directors of the Post Foundation and to providing such assistance as we can in this laudable project." Mrs. Riggs, Mrs. Leon Barzin and Mrs. Clifford Robertson, all daughters of Mrs. Post, joined in expressing the hope that the Hillwood Museum could be opened to the public before the end of the year. Under the terms of an Agreement of December 1968, title to Hillwood was transferred to the Smithsonian subject to a life interest of Mrs. Post, who continued to reside there until her death in 1973. Mrs. Post's will directed that, "the house, auxiliary buildings and grounds are to be maintained and decorated in substantially the same manner as they appear at the time of the donor's death." Mrs. Post's will established a $10 million Trust Fund, the income from which was intended to meet the expenses for maintenance and operation of Hillwood as a public museum. Income from the Trust, supplemented by additional funds from the Marjorie Merriweather Post Foundation, has permitted the Smithsonian to care for Hillwood since Mrs. Post's death. However, it was the conclusion of the Smithsonian that foreseeable income from the Trust would not be sufficient to permit the opening of Hillwood to the public and its continued over the years as a museum. Mrs. Post's will provided: "In the event the Smithsonian shall decline to accept any portion of the property..., or, having accepted all such property, shall fail to operate or at any time cease to operate 'Hillwood' as a non-profit museum, all such property... shall thereupon become property of the Marjorie Merriweather Post Foundation of D.C." The transfer on July ^[[1]] will occur in pursuance of this provision of Mrs. Post's will. The late Mrs. Post, widely known for her philanthropic and cultural activities, was a director-emeritus of General Foods Corporation when she died September 12, 1973. Her father, Charles Post, was founder of the Postum Cereal Co. in Battle Creak, Michigan. Secretary Ripley and Mrs. Riggs, in a joint statement, stressed that they believe Hillwood is a significant national cultural landmark and that steps to preserve it must be undertaken. Mr. Ripley assured Mrs. Riggs that the expertise of the Smithsonian's staff would be available in preparing plans and policies for Hillwood.