REAL ESTATE NEWS
One man stands out as the billionaire philanthropist who pushed the Downtown Los Angeles arts community strongly and beautifully into the 21st century. Eli Broad, the suburban real estate developer helped build up L.A.’s cultural landscape, recently died at age 87.
The Downtown L.A. building that bears the name of him and his wife Edythe, The Broad, contemporary art museum on Grand Avenue. The couple financed the $140 million structure, itself an ultra modern architectural work of art that houses and displays more than $1 billion of their private art collections. The museum offers free general admission to its permanent collection galleries. | ARCHPAPER ARTICLE
Broad, who at the time of death was worth $6.7 billion, made his fortune by building residential real estate since the 1950s, creating the Kaufman and Broad Home Corporation, before getting involved in the very profitable insurance and investment company SunAmerica. This makes Broad the only person to create Fortune 500 companies in two different industries.
That decision would have a major impact on L.A.’s arts scene. Broad served as chairman of the MOCA Los Angeles Museum of Contemporary Art, helping land the museum its first large collections.
The Broads moved to Los Angeles in 1963. At first, it was Edythe who was the art lover, buying works on paper from local galleries such as Ferus and Nicholas Wilder. But Eli soon grew to share her passion. Los Angeles became their adopted home town.
Some would call Eli divisive, and he referred to himself as “unreasonable.” One thing is for sure, Eli certainly demonstrated that he saw the arts as a way to strive to build a better world for everyone.
The Broads sponsored the $300 million Walt Disney Concert Hall designed by Frank Gehry, now home to the Los Angeles Philharmonic. Gehry described Eli as a “control freak”. Indeed, he controlled things quite well. The Broads have given nearly $1 billion to Los Angeles-area arts and culture institutions, while also spending tremendous time on the consultation required to make the well-funded arts pursuits successful.
A life trustee of MOCA, LACMA, and the Museum of Modern Art, Eli was a fellow of the American Academy of Arts and Sciences. “Civilizations are not remembered by their business people, their bankers or lawyers,” he said. “They’re remembered by the arts.” | MORE
Lofts and condos nearest to the Broad museum include: Bunker Hill Tower, Promenade Condominiums, Promenade West, Pan American Building, Douglas Building and the Higgins Building.
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