Billionaire Broad chooses Los Angeles site for contemporary art museum after committee says OK

Billionaire Broad chooses LA site for art museum

LOS ANGELES — Billionaire Eli Broad has chosen to build a museum for his contemporary art collection in downtown Los Angeles.

Broad’s announcement Monday came minutes after a panel of local and state officials approved a plan to lease 2.5 acres of county-owned land to Broad.

Under the deal, Broad will finance construction of the $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.

His 2,000-piece collection includes works by Jean-Michel Basquiat, Salvador Dali and Joan Miro. He was also considering building the museum in Santa Monica.