Eli Broad Dead; Billionaire Philanthropist was 87

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Eli Broad, the successful business leader who later help transform the arts, culture and architecture of Los Angeles, died Friday afternoon at 87. The Eli and Edythe Broad Foundation, where Broad and his wife Edye have served as full-time philanthropists since 1999, announced Broad's death. Broad amassed his wealth by creating two successful businesses: Kaufman […]
Eli Broad, the successful business leader who later help transform the arts, culture and architecture of Los Angeles, died Friday afternoon at 87.

The Eli and Edythe Broad Foundation, where Broad and his wife Edye have served as full-time philanthropists since 1999, announced Broad's death.

Broad amassed his wealth by creating two successful businesses: Kaufman and Broad Home Corporation, which Broad founded in 1957 at age 23 in Detroit, and later turned a life insurance company that he bought into SunAmerica. He bought the company for $52 million in the 1970s and sold it to AIG for $18 billion in 1999.

Since 1999, Broad and his wife Edye served as full-time philanthropists, committing more than $5 billion with their foundations to support K-12 public education, scientific and medical research, and the visual and performing arts. Much of that work was focused on Los Angeles.

"Eli Broad, simply put, was L.A.'s most influential private citizen of his generation," Los Angeles Mayor Eric Garcetti wrote on Twitter. "He loved this city as deeply as anyone I have ever known. He was a dreamer, often seeing things that others didn't or couldn't. He was a builder –– of homes, the arts, educational opportunity, health breakthroughs that transformed dreams into reality."

The Broads have given nearly $1 billion to arts and culture institutions in Los Angeles, their adopted home since 1963. Broad was co-founder of The Broad, founding chairman and life trustee of the Museum of Contemporary Art (MOCA), a major donor to the Los Angeles County Museum of Art (where his $60 million gift helped create the Broad Contemporary Art Museum in 2008), the LA Opera and The Broad Stage.

Broad helped create and fund the Museum of Contemporary Art (MOCA) in 1979 and served as the founding…
Michael Schneider
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