LOS ANGELES — Eli Broad, a self-made billionaire, philanthropist and art collector who used his wealth to reshape the cultural landscape of Los Angeles, died Friday. He was 87.
Broad died at Cedars-Sinai Medical Center after a lengthy illness, Suzi Emmerling, a spokeswoman for the Eli and Edythe Broad Foundation, told The New York Times. No cause of death was given.
Broad’s fortune was estimated by Forbes at $6.9 billion. He moved to California more than 50 years ago and became successful in the home construction and insurance industries before concentrating on several civic projects in Los Angeles, the Los Angeles Times reported.
“We join the city of Los Angeles in mourning the loss of Eli Broad. The city and the nation have lost an icon,” Los Angeles Times Executive Chairman Patrick Soon-Shiong and his wife, Michele Chan, said in a statement. “Eli’s life story is an inspiration and a testament to the possibilities America hold. The Broads’ support and leadership of the cultural, educational and medical institutions that sustain us have been transformative. Our thoughts are with Edye and their family and we’re forever grateful to her and Eli.”
Broad played a major role in creating the Los Angeles Museum of Contemporary Art, The New York Times reported. When the museum was on the brink of financial collapse in 2008, Broad bailed it out with a $30 million package, the newspaper reported.
The civic transformation of Los Angeles was Broad’s “driving force,” Barry Munitz, a longtime associate and former chancellor of the California State University, told the Los Angeles Times in 2004.
Broad spent millions to assist medical and scientific research programs, including stem cell research centers at UCLA, the University of Southern California, the University of California at San Francisco and Harvard University, the newspaper reported. He was also a booster of public education reform who funded charter schools and a training academy for school district executives.
Working with civic leaders and developers, Broad helped shape a plan to transform Grand Avenue, in Los Angeles’ neglected downtown, into a cultural and civic hub, The New York Times reported. The renovations included restaurants, hotels, a park and a museum, the Broad, that would house his collection of more than 2,000 contemporary works.
Broad also collected enemies with his hard-driving, impatient style.
“I’m not the most popular person in Los Angeles,” he wrote in his 2012 work, “The Art of Being Unreasonable: Lessons in Unconventional Thinking,” a memoir and business-advice book.
Broad characterized himself as a “venture philanthropist” and expected his generosity to bring more than praise and naming rights, the Los Angeles Times reported. He regarded his donations as investments.
“I am a builder,” Broad once told the newspaper. “I don’t like to preside over the status quo and simply write checks.”
Born in New York on June 6, 1933, Broad was an only child who grew up in Detroit, the Los Angeles Times reported. His father, a Lithuanian immigrant, worked as a house painter before operating several five-and-dime stores. His mother was a seamstress who later worked as a bookkeeper for her husband.
Broad graduated with a degree in accounting from Michigan State University in 1954 and married Edythe “Edye” Lawson the same year. In 1956 their son Jeffrey was born, followed three years later by another son, Gary.
After working for a small accounting firm, Broad formed a partnership in 1957 with Donald Kaufman to build tract houses in the Detroit suburbs, The New York Times reported. He and Kaufman borrowed $25,000 from Broad’s father-in-law to launch Kaufman and Broad, now known as KB Homes, the Los Angeles Times reported.
In 1971, the partners diversified, spending $52 million for a Baltimore insurance company, Sun Life, which became a moneymaker when Broad began selling annuities and financial planning services to baby boomers. The company was renamed Sun America in 1993 and was sold to the American International Group in 1998 for $18 billion, the newspaper reported.
Broad is survived by his wife and sons.
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Dustin Diamond dies at 44 Actor and stand-up comedian Dustin Diamond, best known for portraying Samuel "Screech" Powers in the "Saved by the Bell" franchise, died Monday, Feb. 1, 2021. He was 44. (Ben A. Pruchnie/Getty Images, File)
Hilton Valentine, guitarist for ‘The Animals’ dead at 77 FILE PHOTO: Hilton Valentine guitarist for British rock and roll band, The Animals, has died. He was 77. The photo shows the English rock band when they reformed in 1983 for a world tour. Clockwise from back left, is bassist Chas Chandler, guitarist Hilton Valentine, drummer John Steel, keyboard player Alan Price and singer Eric Burdon. (Photo by Keystone/Hulton Archive/Getty Images) (Keystone/Getty Images)
Sophie Pop artist and producer Sophie, who was nominated for a Grammy Award in 2018, died in Greece on Jan. 30 at the age of 34. (Scott Dudelson/Getty Images for Coachella)
John Chaney Hall of Fame college basketball coach John Chaney, who led Temple University's basketball team to 17 NCAA tournament appearances in 24 years, died at the age of 89, the university announced Jan. 29. ( Joseph Labolito/WireImage)
Cloris Leachman Actress Cloris Leachman, whose eight-decade career included an Oscar-winning performance in "The Last Picture Show" and a role as the grim-faced Frau Blücher in “Young Frankenstein,” died Jan. 2. She was 94. (Richard Shotwell/Invision/AP file)
Jimmie Rodgers Jimmie Rodgers, who scored his biggest hit with "Honeycomb" in 1957, died Jan. 18. He was 87. (Jim McCrary/Redfern)
Legendary talk show host Larry King dead at 87 FILE PHOTO: Legendary talk show host Larry King has died. He was 87. (Rodin Eckenroth/Getty Images)
Gregory Sierra Gregory Sierra, who played Sgt. Miguel “Chano” Amanguale on "Barney Miller," died Jan. 4. Sierra also starred on "Sanford and Son" and appeared in several other television shows. (Walt Disney Television via Getty Images Photo Archives/Walt Disney Television via Getty Images)
Bob Avian Tony Award-winning choreographer Bob Avian died in Fort Lauderdale, Florida, on Jan. 21. He was 83. (Shiho Fukada/Associated Press, File)
Mira Furlan Actress Mira Furlan, who starred in all 111 episodes of "Babylon 5" and also appeared in "Lost." died Jan. 20. She was 65. ( Michael Schwartz/WireImage)
Baseball legend Hank Aaron dead at 86 FILE PHOTO: Legendary baseball slugger Henry “Hank” Aaron has died. He was 86. (Tim Bradbury/Getty Images)
Don Sutton Hall of Fame pitcher Don Sutton, who won 324 games and pitched for six pennant winners during his 23-year major league baseball career, died Jan. 18. He was 75. ( Andrew Snook/Icon Sportswire/Corbis/Icon Sportswire via Getty Images)
Harry Brant Harry Brant, the son of supermodel Stephanie Seymour and businessman Peter Brant, died Jan. 17 from an accidental overdose. He was 24. ( Gilbert Carrasquillo/FilmMagic)
Phil Spector has died at 81 FILE PHOTO: Music producer Phil Spector, known for his "Wall of Sound" and who was later convicted of murder, has died. He was 81. (Pool/Getty Images)
Sylvain Sylvain Sylvain Sylvain, a guitarist for the New York Dolls, a group that ushered in the punk rock era of the 1970s, died Jan. 13. He was 69. ( Matt Kent/WireImage)
Siegfried Fischbacher FILE PHOTO: Siegfried Fischbacher speaks during the 23rd annual Keep Memory Alive 'Power of Love Gala' benefit for the Cleveland Clinic Lou Ruvo Center for Brain Health at MGM Grand Garden Arena on March 16, 2019 in Las Vegas, Nevada. Fischbacher died Jan. 15 at the age of 81. (Bryan Steffy/Getty Images for Keep Memory Ali)
Sheldon Adelson FILE - This Feb. 10, 2017 file photo, Chief Executive of Las Vegas Sands Corporation Sheldon Adelson shows at a business roundtable with Japanese Prime Minister Shinzo Abe at the U.S. Chamber of Commerce in Washington. Adelson, the billionaire mogul and power broker who built a casino empire spanning from Las Vegas to China and became a singular force in domestic and international politics has died after a long illness, his wife said Tuesday, Jan. 12, 2021. (AP Photo/Andrew Harnik, File) (Andrew Harnik/AP)
Eve Branson FILE PHOTO: Richard Branson (L) and honoree Eve Branson attend the AltaMed Power Up, We Are The Future Gala at the Beverly Wilshire Four Seasons Hotel on May 12, 2016 in Beverly Hills, California. Richard Branson announced the death of his mother due to COVID-19. (Michael Kovac)
Nancy Bush Ellis FILE PHOTO: This Jan. 7, 1990, file photo shows President George H. W. Bush hiding behind his sister, Nancy Ellis, as he prepares for a jog along the C&O canal in the Georgetown section of Washington. A longtime Democrat who helped her Republican brother and nephew get elected president, died of complications of the coronavirus Sunday, Jan. 10, 2021, at an assisted living facility in Concord, Massachusetts. She was 94. (Marcy Nighswander/AP)
Actor John Reilly dead at 86 Actor John Reilly is pictured holding his daughter, Caitlyn Reilly, when she was a child. The longtime soap opera actor died in early January 2021 of an undisclosed cause. (Courtesy Caitlyn Reilly)
Tommy Lasorda FILE PHOTO: Tommy Lasorda of the Los Angeles Dodgers poses for a portrait during spring training photo day at Camelback Ranch on February 20, 2014 in Glendale, Arizona. The Dodgers announced Lasorda died at the age of 93. (Christian Petersen/Getty Images)
Neil Sheehan Neil Sheehan, a Pulitzer Prize-winning author whose articles on the Pentagon Papers triggered a court battle, died Jan. 7. He was 84. (Frederic Reglain/Gamma-Rapho via Getty Images)
Eric Jerome Dickey Bestselling author Eric Jerome Dickey died Jan. 3 in Los Angeles. He was 59. (Joseph Jones via Associated Press )
Tanya Roberts FILE PHOTO: Actress Tanya Roberts arrives at the gala premiere of "Criss Angel Believe" by Cirque du Soleil at the Luxor Resort & Casino October 31, 2008 in Las Vegas, Nevada. The former Bond girl died Jan. 4 at the age of 65. Her death was confirmed after conflicting reports from her publicist and her companion. (Ethan Miller)
Gerry Marsden FILE PHOTO - In this April 25, 1964 file photo, Gerry Marsden leaps over his band, the Pacemakers. Gerry Marsden, the British singer and lead singer of Gerry and the Pacemakers, who was instrumental in turning a song from the Rodgers and Hammerstein musical “Carousel” into one of the great anthems in the world of football, has died. He was 78. (AP)
Paul Westphal Hall of Fame basketball coach Paul Westphal died Jan. 2, the Phoenix Suns announced. He was 70. (Andrew D. Bernstein/NBAE via Getty Images)
Floyd Little Hall of Fame running back Floyd Little, who starred at Syracuse University and for the NFL's Denver Broncos, died Jan. 1. He was 78. ( Hyoung Chang/The Denver Post via Getty Images)