Elizabeth Taylor managed to turn profits from perfume into millions for AIDS research. Her White Diamonds perfume is still a bestseller with Elizabeth Arden after 20 years. Taylor was known for her tireless efforts to raise money for AIDS research. Some of it was done through her friend, Madeline Krim, and AmFAR. Some of it was done through Elton John’s AIDS Foundation. Elton and David Furnish, and AmFAR’s Kenneth Cole all issued statements today praising Liz. But Taylor had her own, smaller AIDS Foundation, that doled out money every year thanks in part to steady sales of White Diamonds.

She ran the foundation without charging for salaries or travel or the other bugaboos of celebrity foundations. In years when not so much money came in, like 2008, according to the foundation’s tax filings, Taylor dipped into reserves. In 2009, for example, she gave away $930,000 even though revenue had been about half that much–because they’d had a good year in 2007 and disbursed the funds carefully. Taylor’s son Christopher Wilding runs the foundation; he was married to Aileen Getty, granddaughter of J. Paul Getty. It was Aileen being diagnosed with AIDS in 1985 (possibly through a transfusion) that further catalyzed Taylor into becoming an AIDS activist.

Elton John said today in a statement: “We have just lost a Hollywood giant, but more importantly we have lost an incredible human being.  Elizabeth Taylor earned her fame with her extraordinary talent as a young actress, making her first movie at the tender age of nine.  She earned our adoration for her stunning beauty and for being the very essence of glamorous movie stardom.  And she earned our enduring love and respect for her compassion and her courage in standing up and speaking out about AIDS when others preferred to bury their heads in the sand.”

Liz Taylor goes to her grave without an official autobiography. Many hacks–like C. David Heymann–did write around books about her. They will undoubtedly turn up everywhere. The only book Taylor wrote, “Elizabeth Taylor Takes Off,” was about weight loss and was published in 1988. It’s out of print. Last year a pair of writers worked with her to publish the love letters between her and Richard Burton. “Furious Love” is still available, and the Vanity Fair excerpt is probably on line. The real friends are George Hamilton, Mickey Rooney, Carrie Fisher, Joan Collins, Liza Minnelli and Taylor’s family. If ex husband Larry Fortensky turns up like a bad penny, or people claiming to have been her “last love.” I’d take all that with a big bucket of salt. Taylor was smart. By never setting any record straight, she leaves her Hollywood legend intact. In months to come, I wouldn’t be surprised if one of her kids turns up with a memoir that will offer some clues to the great star’s mythic life. But until then, we will have to sit back and listen to a lot of gabbing from people who’ve “aggregated” their news from other third party sources. As one insider put it this morning: “She’s taken it all with her.”

Elizabeth Taylor died this morning in Los Angeles at age 79. Famed actress, lover, hypochondriac, and AIDS activist, Taylor was the biggest star of the modern Hollywood era. Her multiple marriages and soap opera personal life overshadowed her great acting career from age 50 on, but she managed to overcome even the tabloids by becoming the torch bearer for AIDS research as friends like Rock Hudson and Roddy McDowall succumbed to the disease. Expect to see her oldest and best friends, George Hamilton, Jose Eber, and Mickey Rooney, giving statements today and appearing on television. They knew her best, and loved her most. Her other best pal, Michael Jackson, sadly preceded her in death. And what people don’t know is that two years ago, on Easter, Jackson and his kids were with Taylor even as he was rehearsing for his London shows. Their friendship endured just about everything. More to come…

PS I met Liz Taylor once, at the Cannes AmFAR event in 2002. Here’s the column: http://www.foxnews.com/story/0,2933,53712,00.html