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.
Philanthropist and art collector Eli Broad dies at age 87
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LOS ANGELES - Businessman, philanthropist and art collector Eli Broad, who left an indelible imprint on Los Angeles cultural scene, died Friday. He was 87.
Broad died at Cedars-Sinai Medical Center following a long illness, according to Suzi Emmerling, spokeswoman for the Eli and Edythe Broad Foundation.
A New York native, Broad parlayed a loan from his in-laws into a homebuilding empire with partner Donald Kaufman that began in Detroit in the late 1950s but migrated to Los Angeles in 1963. That company, Kaufman and Broad Home Corp., grew into what is now known as KB Home.
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