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

By Jacob Adelman, AP
Monday, August 23, 2010

Decision looms for billionaire’s LA museum plan

LOS ANGELES — 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.

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