Herbert R. Axelrod

In 1997 Axelrod sold TFH Publications to Central Garden & Pet Company of California for $70 million. The contract included potential payouts to Axelrod if TFH reached earnings targets after the sale. He sued under that provision, accusing Central Garden of suppressing earnings to avoid paying the extra money. The following year, however, the purchaser filed a countersuit against him, claiming that he had grossly and illegally inflated the value of the company before the purchase. On September 1, 2005, Axelrod was ordered to pay Central Garden & Pet Company $16.4 million (net, after deducting $3.7 million the company was ordered to pay Axelrod due to earnings targets).

Questions surfaced about the value of the instruments he had donated to the Smithsonian and the NJSO. Although the instruments were all old and valuable, several unnamed experts determined them not to be the instruments he represented them as, and not to be as valuable as he claimed. He was said to have invented histories for the instruments to explain away doubts or to increase their worth. In an unrelated case, Axelrod was indicted in federal court in New Jersey on April 13, 2004, accused of funneling millions of dollars into Swiss bank accounts over 20 years without paying taxes. The following April 21, he failed to appear for his arraignment, having fled to Cuba. He was arrested in Berlin on June 15, 2004 as he got off a plane from Switzerland, and then extradited to the United States. On March 21, 2005 he was sentenced in U.S. court to 18 months in prison for tax fraud.

For his philanthropy, the Smithsonian Institution named Axelrod their 1999 Donor of the Year.

In 1989, Axelrod donated his collection of fossil fish to the University of Guelph, which the university says is one of the largest donations by an individual to a Canadian university. The Axelrod Institute of Ichthyology at that university was named for him. The University of Guelph also named a lecture hall after him, the Axelrod Building, but in 2010 renamed it the Alexander Building, after Lincoln Alexander.

Axelrod, a violinist himself, assembled a large collection of old and rare stringed instruments, including the Hellier Stradivarius. In 1975 he bought his first Stradivarius violin. In 1998 he donated four Stradivari instruments — two violins, a viola and a cello — to the Smithsonian Institution. Known as the Axelrod quartet, their value was estimated at $50 million. In February 2003 he sold about 30 other instruments to the New Jersey Symphony Orchestra (NJSO) for $18 million. This collection was estimated to be worth $49 million. (Axelrod was a long-time supporter of the NJSO.)

In 1956, Leonard P. Schultz described the cardinal tetra, a popular aquarium fish, and gave it its scientific name, Paracheirodon axelrodi, which honors Axelrod. Although the fish had been discovered in Brazil in 1953 by Harald Sioli, a discus collector, Axelrod claimed that he had made the discovery himself during a steamboat trip on the Rio Negro, and he sent fish that he purchased from a dealer in New Jersey to the Smithsonian Institution, where the species was identified.

Herbert Richard Axelrod (June 7, 1927 – May 15, 2017) was an American tropical fish expert, a publisher of pet books, and an entrepreneur. In 2005 he was sentenced in U.S. court to 18 months in prison for tax fraud.