Eli Broad and wife Edythe Broad in 2009.
Eli Broad, Los Angeles Philanthropist With Art Trove, Dies at 87 Broad built a fortune of more than $7 billion from two companies, Kaufman & Broad, the first homebuilder to trade on the New York Stock Exchange, and SunAmerica, one of the largest U.S. annuity providers.
Christopher Palmeri | May 03, 2021
(Bloomberg) Eli Broad, the billionaire businessman who founded two Fortune 500 companies in different industries before becoming one of America’s most prominent philanthropists and art collectors, has died. He was 87.
Broad died Friday afternoon at the Cedars-Sinai Medical Center in Los Angeles following a long illness, said Suzi Emmerling, a spokeswoman for the Eli and Edythe Broad Foundation.
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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