Coastal Carolina University in Conway, South Carolina, has ended its relationship with an anonymous donor who was set to make a planned gift of $95 million, Myrtle Beach Online reports.

According to the university, the donor failed to fulfill an early condition of the agreement, which was announced in July, leading to a reevaluation and the eventual termination of the agreement. The donor, who remains anonymous, described himself as an African-American entrepreneur and philanthropist under the age of 30.

"While we are disappointed this gift will not come to fruition, we remain excited to work with donors to positively impact the future of Coastal Carolina and its students," the university said in a statement.

(Photo credit: Coastal Carolina University)