Billionaire Broad chooses Los Angeles site for contemporary art museum after committee says OKBy Jacob Adelman, AP
Monday, August 23, 2010
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.
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