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Billionaire Philanthropist Eli Broad Dies at 87
LOS ANGELES Eli Broad, the billionaire entrepreneur turned philanthropist and art collector, died on Friday at the age of 87.
Broad passed away at Cedars-Sinai Medical Center in Los Angeles following a long illness, said Suzi Emmerling, a spokeswoman for the Eli and Edythe Broad Foundation.
An accountant by trade who made his fortune in real estate and insurance, Broad helped create The Broad, the Los Angeles museum housing his collection of postwar and contemporary art, which opened in 2015.
Broad contributed heavily to the construction of the nearby Walt Disney Concert Hall as well as an art center at the University of California, Los Angeles.
Assahifa From Rabat
11:50 pm Et May 1, 2021
Eli Broad, the billionaire entrepreneur turned philanthropist and art collector who played an outsized role in shaping the art and cultural scene of Los Angeles, died on Friday at the age of 87.
Broad passed away at Cedars-Sinai Medical Center in Los Angeles following a long illness, said Suzi Emmerling, a spokeswoman for the Eli and Edythe Broad Foundation.
An accountant by trade who made his fortune in real estate and insurance, Broad championed and helped finance the Broad Museum of contemporary art, which opened in 2015.
He also secured the art that would become the museum s first major acquisition, the collection of Italian Count Guiseppe Biumo di Panza, now said to be worth $1 billion, according to a biography of Broad on the foundation s website.
Selling SunAmerica allowed Broad to focus on philanthropy. The Eli and Edythe Broad Foundation was founded in 1999, with an endowment that eventually topped $2 billion. Over the years, the foundation invested more than $600 million in public education in the Southland and in cities including Boston, New York, Chicago, Denver and Detroit.
The Broad Prize for Urban Education continues to honor school districts for academic performance, and has provided $16 million in scholarships to more than 1,200 students.
Broad was also dedicated to scientific and medical research, as well as the arts, supporting scientists, museums and public schools across the country. An avid collector, The Broad museum in downtown Los Angeles houses the Broads collection of more than 2,000 artworks.