1% Solutions: Eli Broad

 
Eli Broad has a lot of time on his hands. With a $7 billion fortune, it's easy to see why. However the 80 year old finance wizard isn't wasting his golden years on the golf course or sailing on his yacht. He's busy pouring millions of dollars into his vision of revitalizing downtown Los Angeles to transform the city into a "cultural Capital" of the world. Broad and his wife of 60 years, Edythe have given over $800 million to arts and culture initiatives in the city. Armed with $2.6 billion through his Broad Foundation, he has also poured millions into various philanthropic endeavors such as medical research and endowing Michigan State's business school (his alma mater). Broad built his fortune over a 60 year career where be built home construction behemoth KB Home and later retirement savings company SunAmerica. The latter which was sold in 1999 for a whopping $18 billion. Since then he has dedicated all his time to philanthropy.

Mr. Broad's generosity has afforded the city many iconic cultural facilities such as a contemporary Art Museum named after him. That was made possible in part through a $60 million gift. The Broads have given more than $800 million dollars to medical research through the Broad Institute, a genomic medicine facility created in association with Harvard and MIT. His $1 million Broad Prize for Urban Education is awarded to an urban school district that demonstrates greatest improvement in student performance and has reduced the achievement gap among low income and minority students.

Broad, a resident of  L.A's Brentwood neighborhood hopes his efforts to build the Walt Disney Concert Hall and other attractions in Downtown L.A. will aid in bringing more cultural tourist to the city, turning it into LA's version of New York's Soho or Chelsea.




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