Eli Broad, billionaire philanthropist, contemporary art collector and entrepreneur who co-founded Kaufman, home-building pioneer and Broad Inc. and launched financial services giant SunAmerica Inc., died Friday in Los Angeles. Angelis he is 87 years old.
Suzi Emmerling, a spokeswoman for the Eli Foundation and Edythe Broad, confirmed his death to The Associated Press.Emerling said Broad died at Cedars-Sinai Medical Center after a long illness. No service announcements
The New York Times first reported his death.
“As a businessman, Eli sees around the corner. As a philanthropist, he sees problems in the world and tries to solve it. As a citizen, he sees possibilities in our common community, and as a husband, father and friend, he sees it. The potential in each of us, ”Gerun Riley, president of The Eli Foundation and Edythe Broad, said in a statement Friday.
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Broad (pronounced brohd) supplied the bulk of the money and willpower it used to transform Los Angeles’ once-urban downtown into a space full of expensive lofts. Offering upscale restaurants and civic structures such as the iconic Walt Disney Concert Hall, he opened a contemporary art museum, his own bar, and The Broad art lending library in 2015 in the city’s downtown next to Disney Hall.
“Eli Broad, simply speaking, was the most influential private citizen of his generation,” Los Angeles Mayor Eric Garcetti said on Twitter. “He loved the city as deeply as I have ever known.”
As a young accountant in 1950, Broad saw an opportunity in a booming real estate market. He quit his job and partnered with developer Donald Kauffman and started building a startup home for first-time buyers eager to claim the part of the American Dream.The company eventually became KB Home. Which is one of the most successful home developers in the country.
Nearly 30 years later, it rediscovered the opportunities and turned the company’s insurance arm into a retirement savings group that meets the financial needs of older baby boomers.
In the process, Broad became one of the nation’s richest men, with a net worth estimated by Forbes magazine on Friday of $ 6.9 billion.
He also gained a reputation for being a driven and cherished dealmaker.
“If you play it safe all the time, you don’t get very far,” Broad told Investor’s Business Daily in 2005.
On-site work, Broad used his wealth and status to create civic, educational, scientific and cultural improvement programs, especially in Los Angeles. The New Yorker moved to the city’s Tony Brentwood neighborhood in 1963.His charitable foundation donated millions to such projects, especially those aimed at improving public education and setting up a number of university grants. All over the country
In the 1990s, Broad led a campaign to help raise money to build the Frank Gehry-designed Walt Disney Concert Hall and was a major distribution manager for the Los Angeles Museum of Contemporary Art, among others. Broad had a collection that was estimated to be worth $ 500 million in 2003.
In 1984 he founded the Broad Art Foundation to lend creations from his collection for public viewing.
A decade later, he bought Roy Lichtenstein’s “I … I’m Sorry” for $ 2.5 million from credit card auction, and donated more than 2 million points he gave to students at the California Institute for the Arts. Art.In 2008, with his money, the Los Angeles County Museum of Art opened a new contemporary art museum featuring works from the Broad collection.
The broad spectrum also used a great deal of political muscle. He led the Democrats to lure the party’s 2000 national convention to Los Angeles. He sometimes parted ways with his party, however, especially in 1972, when he was disillusioned with Sen. George McGovern’s campaign, he served as co-chairwoman of the Democrats. Nixon’s
Years after Nixon’s embarrassing resignation from the presidency, Broad told Los Angeles magazine that his efforts on behalf of Nixon were “ a thing ”. “I hate to admit,” but it wasn’t the last time he supported the Republican Party. He also supported his close friend, former Los Angeles Mayor Richard Riordan, with whom he shared a common vision of public school reform.
House Speaker Nancy Pelosi (D-California) praised Broad and his wife Edythe for their charitable endeavors.
“Their leadership in supporting our school, developing scientific and medical research and making sure the arts have access to everyone is a long and remarkable legacy,” Pelosi said in a statement. “Our whole country is especially indebted to the people of the world for their commitment to upholding the arts, which they know is a vital and united force in the world.”
The son of a Lithuanian immigrant, Broad was born on June 6, 1933 in New York City. But grew up in Detroit His father was a house painter and a small business owner.
Broad received a bachelor’s degree from Michigan State University in 1954.In 1991 he graduated from the university’s Eli Broad College of Business and Eli Broad Graduate School of Management.
At the age of 20, he passed the Michigan Certified Public Accountant and became the youngest person at the time. The following year, he married his hometown sweetheart Edythe. The couple have two sons, Jeffrey and Gary. His wife and son are survived by him, according to The Eli and Edythe Broad Foundation.
Eager to drop out of school and start his career, Broad began working for a number of clients, including Kaufman.Broad soon noticed the real estate market and began studying the field, reading industry journals and applying his accounting knowledge to analytics. Business He gradually believed that there was money to be made.
In 1957, at the age of 23, he was in business with Kauffman, selling a house in the suburbs of Detroit. The first house sold for about $ 12,000, which is about 10 percent less than the competition because it was built without a custom basement and took about half the time.
Kaufman and Broad arrived in the west, first Arizona and California. They moved the company’s headquarters to Los Angeles in 1963, two years after the company became the first homebuilder to go public.
In 1971, Broad bought an insurance company to protect the boom and all-rounder of the home market. As he did before investing in real estate, Broad began researching the insurance market and viewed retirement financial planning as a better business. He began to shift the focus of the subsidiary to annuity sales and other retirement savings products.
The company was renamed SunAmerica in 1989 with Broad as chairman and chief executive. In 1998, New York-based American International Group acquired SunAmerica for $ 16.5 billion.
Two years later, Broad stepped down as chief. But still holds the position of president
“I’m going to do what I love to do and what I can be most valuable with, rather than doing things every day,” Broad told The Associated Press at the time. Week … I still see myself working almost 40 hours at SunAmerica / AIG and maybe 40 hours otherwise. “
Over the past few years, Broad has spent most of his philanthropic work through his foundation supporting the state’s education reforms, promoting the rebirth of downtown Los Angeles as a commercial center and where. Living and other causes
In 1999, Broads founded the Broads Education Foundation with the goal of improving the education of urban citizens. The Foundation has invested more than US $ 500 million to the cause in the first five years.
Broad took the CEO approach, believing that schools in question can often be vastly improved if they are better managed by management.
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“These are big establishments,” Broad said of the urban school district in a 2003 interview with Forbes magazine. “You don’t start at the bottom, you start at the top.”