Kathleen Magowan estate: The secret millionaire twins who lived modestly but were sitting on a gold mine

• Kathleen and Robert Magowan died within a year of each other after years living as near recluses in their modest Simsbury, Connecticut home
• Throughout their lives, their neighbors had no clue of the millions the twins had built up through savvy investments
• Neither sibling got married or had children
  
• It was only once the pair passed - in 2010 and 2011 - that their $10 million net-worth became clear and Kathleen Magowan left hefty donations to a local elementary school, college and nursing home

By Helen Pow

PUBLISHED: 20:55 EST, 24 November 2013 | UPDATED: 20:55 EST, 24 November 2013

Secret millions: The sweet and modest Kathleen Magowan, pictured, lived in a house in Simsbury, Connecticut, while she amassed an estate worth $6 million

The secret lives of a set of elderly twins who lived frugally in Connecticut but were sitting on a gold mine have been revealed.

Kathleen and Robert Magowan died within a year of each other after years living as near recluses in their parents' modest Simsbury home, giving their neighbors no clue of the millions they had built up through savvy investments.

It was only once the pair passed that their startling wealth became clear, when Kathleen Magowan left hefty donations to a local elementary school, college and nursing home.

Kathleen Magowan was a quiet, unassuming woman who never made headlines during her 87 years, according to the Hartford Courant.

She taught first grade at Simsbury Elementary School for 35 years before retiring in 1984 but never married or had children of her own.

She lived in a comfortable but plain home on a busy highway in Simsbury that sold for just $250,000 because it hadn't been renovated for decades.

Her twin brother, Robert, moved into the family home in their later years. The former Prudential Insurance agent also never married but was largely the source of his sister's wealth through the stocks and bonds he oversaw on her behalf.

He died in 2010 with his own sizable estate.

When they passed away, the multi-millionaire twins' obituaries mentioned basic details including how they were born in New York City but gave no inkling as to their wealth - a combined $10 million, lawyers have only just determined.

The stocks Robert Magowan controlled exploded in value from the 1960s and 1970s to reach dizzying values, but the pair continued to live their quiet existence.

'She never really looked at (her portfolio) because she never had a demand for that kind of money,' attorney Louis George, whose law firm handled her estate, told the Courant. 'It shows the whole buy-and-hold (strategy) instead of these day traders we've seen in the last 10 years. ... She lived a fairly frugal lifestyle.'

Home: Kathleen Magowan and her twin brother Robert lived in the comfortable but basic home, pictured, on a busy highway in Simsbury that sold for just $250,000 because it hadn't been renovated for decades

Though it's been two years since her death, lawyers have only now untangled Kathleen Magowan's $6 million estate because she had so many assets and papers hidden away.

And the charities are just learning of her generous post-humus donations.

Not much of a philanthropist while alive, the elderly woman left a total of $5 million to her 15 favorite causes in her will.

She donated nearly $480,000 to her beloved Simsbury public schools, more than $500,000 to the University of St. Joseph in West Hartford, another $400,000 to the McLean nursing home where she died, and nearly $375,000 to her local parish, St. Mary's Roman Catholic Church, the Courant reported.

The school said the donation from the retired teacher - the biggest they've ever received from anyone - came out of the blue and they are considering using the money to improve the track and field facilities.

'When we got wind of it, it was quite a surprise,' Lydia Tedone, the board's chairwoman, told the Courant. 'It's a great way to honor the legacy of a very special teacher. She believed in the school system. The schools meant something to her.'

Generosity: Though it's been two years since her death, lawyers have only now untangled Kathleen Magowan's $6 million estate because she had so many assets and papers hidden away. And the charities are just learning of her generous post-humus donations

School Superintendent Matthew Curtis said a former colleague remembered Magowan as 'a consummate professional' and in class photographs, the 5-foot-4-inch, modestly dressed woman, stands proudly with young students.

The nursing home where she died was similarly touched, and surprised.

'All of us remember her very much as the schoolteacher who always had a twinkle in her eye,' Deene Morris, the fundraising director at McLean nursing home told the Courant.

'She always had a sparkle for life. She loved stimulating conversation; ideas and stories. She loved engaging in conversation with all sorts of different people, and everyone loved talking to her. A school teacher. That's how she lived in our hearts.'

The development director at the University of Saint Joseph visited Kathleen Magowan at the nursing home in her final months, sharing tea and reminiscing about her time at the college.

'We had no idea,' Burgess said of the elderly woman's bursting portfolio. 'She was low-key, sweet, compassionate. You would never know.'

Kathleen Magowan graduated from the West Hartford school in 1947 with a degree in nursing but after a short time working in the pediatric unit at St. Francis Hospital in Hartford she chose to switch careers.

She eventually received a master's degree in education in 1953 from what is now the University of Hartford and she embarked on her long career in the Simsbury public school system.

She lived a frugal life with few expenses, given she had no children or grandchildren and lived in the unmortgaged home she inherited from her parents.

Meanwhile, her wealth expanded steadily. According to the Courant, her biggest win on the stockmarket was with stocks in an obscure Pennsylvania-based motor manufacturing company called Ametek Inc. The decision to invest in the business was Robert Magowan's, and he'd done his research. 

For years, the twins flew under the radar in the community they'd called home for most of their lives.

But now, after her death, Kathleen Magowan's generosity has made her an unforgettable, and beloved figure to all.

'It put a smile on our faces,' Tedone said. 'We looked out the window and looked up to her in heaven, saying, "Thank you." She is probably smiling down on us.'