Nicolas Berggruen, best known as the "Homeless Billionaire," is giving away $500 million from his own pocket to fund a public policy think tank for the benefit of philosophers, thinkers and scholars.

Berggruen became known for the moniker because of his "no fixed address" lifestyle, although he has long given that up since he had children.

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He calls his new project a "secular monastery" in the mountains overlooking Los Angeles.

The think tank will come up with solutions to the problems beleaguering lawmakers and public policy shapers in the 21st century.

The 450 acre property near LA is slated to be the home of the "secular monastery" of Berggruen Institute, already operating for five years but has operated in other forms. Last week, the institute celebrated its fifth anniversary party in opulence at the Beverly Wilshire Hotel. The biggest names in  politics and business attended the event.

The still-unnamed "secular monastery," will house individuals who can introduce and defend ground-breaking public policies. It is still unknown how the institute will look for the right people to man the monastery. But everyone who thinks of himself as a genius might find it interesting of joining the Berggruen Institute. After all, a  $1 million philosophy prize is awaiting. And that's not one-time. That's annually!

One of the issues that Berggruen wants to address is improving the government, particularly in improving the tax revenue generation of California. Berggruen wants to focus on the sales taxes for services that only the rich can access. He believes that this is "less volatile" compared to the traditional income tax approach.

TagsNicolas Berggruen, homeless billionaire