The $800 Million Family Selling Art Degrees and False Hopes

It’s almost midnight, and Elisa Stephens wants another tequila and lime. “Shake the sh– out of it,” she tells the bartender. Stephens, 56, is wearing a fitted black skirt-suit with a Chanel clutch and a sparkling brooch the size of a Christmas ornament. She’s several drinks past her so-called “final final,” but who’s counting? After almost eight hours hobnobbing with style aficionados and well-heeled San Franciscans at her Academy of Art University’s spring fashion show...
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