Haute 100 Los Angeles Update: Eli & Edythe Broad

Our Haute 100 list details the accomplishments of the most influential people in each of our markets—MiamiNew YorkLos 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. Eli Broad, one of the world’s most high-end art collectors, has released the location and architect for L.A.’s new contemporary art museum, the Broad Collection, expected for completion in late 2012.

Eli & Edythe Broad

Category: Power Couples

Company: Kaufman & Broad

Industry: Developing/Manufacturing

What Made Them Haute: A native of Detroit, 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.

What Makes Them Haute Now: In a formal announcement made on Monday, Eli and Edythe Broad have been granted approval from the Grand Avenue Authority and will begin construction on their new museum in October. Grand Avenue in downtown L.A. is set to be the Broad Collection’s official address. Renowned New York City architectural firm Diller Scofidio + Renfro will put its touch on the approximately 120,000-square-foot museum, including 50,000 square feet of gallery space, offices and a parking garage. The Broad Art Foundation will make the move from Santa Monica to the new building.

The Broads are contributing multi-millions of their own dollars toward the project, one that Eli Broad hopes will be an investment in the boom of downtown’s cultural community. Together with the close-by Music Center and MOCA, Broad believes the structures are “going to create a downtown cultural alliance.” The Broad Collection is said to potentially house 300 of Broad’s 2,000 works of arts from his personal collection. Joanne Heyler, the director and chief curator of Broad Art Foundation, will become the director of the new museum.