Eli Broad, the billionaire art collector, philanthropist, and businessman who performed an outsize role in changing the cultural landscape of Los Angeles, has departed, aged 87. Amongst a few other ambitious undertakings, he co-founded the art system termed the Broad which has become one of the famous museums on the West Coast with his wife Edythe, who remains him along with their two kids.
The Eli & Edythe Broad Foundation announced that he passed away on Friday at an L. A hospital and didn’t define the cause. Grand Avenue, on the peak of the city’s former Bunker Hill, was possibly his signature hit. He even helped pay for the Museum of Contemporary Art. He thus financed the Walt Disney Concert Hall, and he established the Broad museum. Speaking at its opening in 2015, he announced Grand Avenue “the cultural center” of the L. A city that “has enhanced the modern art capital of the world.”
As a junior accountant in the 1950s, Eli got a moment in the booming real estate market. He then left his job & partnered with creator Donald Kaufman and started building starter homes for first-time buyers keen to maintain their slice of the American Dream. The firm finally became KB Home, one of the successful home developers in the entire nation. Almost 30 years later from then, Eli got that chance to change the company’s insurance arm as – retirement savings conglomerate that provided the financial requirements of growing baby boomers.
In the process, Eli became the nation’s wealthiest man, with a commercial net worth estimated to be 6.9 billion dollars by Forbes magazine Friday. He earned a reputation for being a driven, determined dealmaker. “If we play it safe all of the time, we do not get very far,” Eli said Investor’s Business Daily in 2005.
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