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August 25, 2010
Billionaire to finance Los Angeles art museum
LOS ANGELES
Billionaire Eli Broad has chosen to build a museum for his contemporary art collection in downtown Los Angeles.
Under the deal, Broad will finance construction of the US$80-million to $100-million museum and contribute $200 million toward its operation. He will pay $7.7 million over the course of the 99-year-lease.
Broad made his billions as co-founder of developer KB Home and through the sale of insurer SunAmerican.
Associated Press
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