Princeton University has removed Ronald O. Perelman and his family’s naming rights to a new residential college after the Perelman Family Foundation failed to follow through on its $65 million pledge, the Daily Princetonian reports.

"The university has terminated the gift agreement with the Perelman Family Foundation, Inc. to name a residential college because the foundation has not made payments due under that agreement," deputy university spokesperson Michael Hotchkiss wrote in an email to the Daily Princetonian.

The commitment from Perelman and his daughter, Princeton alumna Debra G. Perelman ('96), was announced in December 2018, yet an anonymous source told the Daily Beast that the Perelmans did not make any payments toward their pledge. According to the source, the university declined a request to determine a different payment schedule.