Officials approve plan to let billionaire build art museum on 2.5 acres in downtown LA

Officials OK billionaire’s downtown LA museum plan

LOS ANGELES — A committee has given final approval to billionaire Eli Broad’s plan to build a museum for his contemporary art collection in downtown Los Angeles.

The Grand Avenue Authority of state and local officials voted Monday to lease 2.5 acres of county-owned land to Broad. He has not announced whether he will build in Santa Monica or Los Angeles.

Under the deal, Broad will finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation. He would 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.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

LOS ANGELES (AP) — Officials are set to vote on a plan to let billionaire Eli Broad build a museum for his contemporary art collection in downtown Los Angeles.

The Grand Avenue Committee of state and local officials will decide Monday whether to lease 2.5 acres of county-owned land to Broad, who would pay $7.7 million over the course of the 99-year-lease.

Under the deal, Broad would finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation.

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. Spokeswoman Karen Denne says the philanthropist is still considering an alternate museum site in Santa Monica and won’t make a final decision until after the vote.