Our Haute 100 list details the accomplishments of the most influential people in each of our markets—Miami, New York, Los Angeles, and San Francisco. These people continue to make moves, so rather than waiting for the next Haute 100 issue to come out, we thought we’d provide you with regular updates on those Haute 100 members who are making headlines. On our Haute 100 Los Angeles list is Eli Broad, the former CEO of SunAmerica and noted philanthropist, who is offering $7.7 million for a museum site to publicly display his contemporary art collection.
Category: Power Couple
Company: Kaufman & Broad
Industry: Developing/ Manufacturing
What Makes Him Haute: A native of Detroit, Eli Broad made his fortune with his real estate company, Kaufman & Broad, and then went on to found financial company SunAmerica where he served as CEO. He is actively involved in revitalizing L.A.’s downtown area and is an avid supporter of enriching the city’s cultural life. The Broads created a family foundation in the 1960s as a way to support their charitable interests and causes. The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.5 billion. Eli Broad received the Carnegie Medal of Philanthropy in 2007.
What Makes Him Haute Now: Living up to his role as a full-time philanthropist, Eli Broad has offered $7.7 million for a plot of land in downtown Los Angeles to build a museum for his extensive contemporary art collection. Most nonprofit cultural institutions in L.A. only pay $1 a year to lease property, but Broad offered to pay for the land in order to gain everyone’s support. In addition, he has promised to pay $100 million to cover construction costs plus a $200 million endowment. The museum will house his collection of more than 2,000 works by artists like Andy Warhol, Roy Lichtenstein, and Jeff Koons. Broad has the opportunity to build his museum in Santa Monica for a dollar-a-year lease plus a $1 million city donation for design costs, but he believes the downtown location will boost cultural tourism and economic growth in that area. Way to be a crowd pleaser for a good cause.