The city of Port Arthur held its own memorial service on the same day Gates was buried. Flags were lowered to half staff and from noon until 6pm all businesses in Port Arthur were closed; the city's docks and refineries also stopped their operations during this time to honor Port Arthur's benefactor. While Gates left the bulk of his estate to his wife and son, he inserted a clause in his will that prohibited his family from selling any of his securities until ten years after his death. Gates is said to have included the clause in his will to protect friends who had invested with him from these securities being sold soon after his death. Gates' estate was valued at between US$40 and US$50 million. He was buried in the family mausoleum at Woodlawn Cemetery in The Bronx, New York City. The mausoleum is featured in one of the opening scenes in the film Once Upon a Time in America.