Billionaire developer Eli Broad, patron of L.A. arts, dies at 87

Billionaire developer and humanities patron Eli Broad, who helped put Los Angeles on the high-culture map, died Friday, a spokeswoman stated. He was 87.

He died Friday at Cedars-Sinai Medical Center after an extended sickness, stated Suzi Emmerling, spokeswoman for the Eli and Edythe Broad Foundation.

Broad based homebuilder KB Home in 1957 and bought life insurance coverage and monetary companies firm SolarAmerica Inc. 20 years later. Both grew to become Fortune 500 corporations, feeding his estimated $6.9 billion internet price and serving to to make him an influence participant in L.A. tradition and politics.

Eli Broad and his spouse, Edythe at the civic dedication and ribbon reducing ceremony to rejoice the opening of the Broad museum downtown Los Angeles on Sept. 18, 2015.Nick Ut / AP

House Speaker Nancy Pelosi, D-California, stated in a press release that the passing of Broad, a buddy for greater than 30 years, “is a great loss for Los Angeles and for the nation.”

“Eli, together with his beloved wife Edye, made it his life’s work to expand opportunity in America,” she stated. “Our entire nation is particularly indebted to the Broads for their commitment to supporting the arts, which they knew to be an essential, unifying force in the world.”

With his spouse, Broad made donations that have been legendary: $1.1 billion to determine the Broad Institute at Harvard University and the Massachusetts Institute of Technology; $60 million to the Los Angeles County Museum of Art; $30 million to “rescue” town’s Museum of Contemporary Art; $20 million for stem cell analysis at UCLA; tens of millions for public faculties; and $225 million, raised with the assistance of others, to save lots of the event of Frank Gehry-designed Disney Hall, which opened in Los Angeles in 2003.

Broad was half of an unsuccessful try in 2007, together with Southern California grocery retailer magnate Ron Burkle, to purchase the Tribune Co. newspaper chain, which at the time owned his hometown publication, the Los Angeles Times.

The paper’s proprietor, biomedical billionaire Patrick Soon-Shiong, and his spouse, Michele, stated in a press release published by the Times on Friday that they joined “the city of Los Angeles in mourning the loss of Eli Broad. The city and the nation have lost an icon.”

In 2020, in keeping with the Broad Foundation, the couple grew to become sad with the state of politics and “doubled down” on political donations to progressive candidates.

Los Angeles Mayor Eric Garcetti tweeted Friday that Broad “was L.A.’s most influential private citizen of his generation.”

“He loved this city as deeply as anyone I have ever known,” he stated.

Broad was born in 1933 within the New York City borough of the Bronx to Lithuanian immigrants, went to Michigan State University, the place he met Edythe, and moved to Los Angeles in 1963.⁦

Edythe Broad’s ardour for arts put the couple on a path accumulating artists starting from Vincent van Gogh to Willem de Kooning.

In 2011 Broad informed CBS’ “60 Minutes” that he loved seeing his title on buildings that have been beneficiaries of his largesse. “I don’t keep it a secret,” he stated.

“I’m here to make things better or different,” Broad stated.

His pièce de résistance was downtown L.A.’s $140 million Broad Museum, which opened in 2015 and options 2,000 works of artwork from the Broads’ $1.6 billion artwork assortment.

He retired in 2017 from the Eli and Edythe Broad Foundation and its $2.5 billion endowment, passing on accountability for operating it to its president, Gerun Riley.

Broad informed “60 Minutes” his philanthropy was not about charity: “We don’t give it away, we invest it.”

He is survived by his spouse and two grown sons.

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