Eli Broad

Eli Broad was an American businessman and philanthropist who amassed a fortune through innovative ventures in homebuilding and financial services. He became widely known for his transformative philanthropy, particularly in the fields of education, science, and the arts in Los Angeles. Through the Broad Foundations, he and his wife, Edythe Broad, donated billions to support public education, scientific and medical research, and visual and performing arts institutions.

Early life and education

Eli Broad was born to Lithuanian Jewish immigrants in The Bronx, and his family later moved to Detroit. He displayed an early entrepreneurial spirit, selling Coca-Cola bottles and writing a sports column for a local paper. He attended Michigan State University, graduating in 1954 with a degree in accounting, and became the youngest person at that time to pass the CPA exam in the state of Michigan. Shortly after graduation, he married his college sweetheart, Edythe Lawson, and together they moved to Phoenix, Arizona.

Business career

In 1957, with a $25,000 loan from his in-laws, Broad co-founded Kaufman and Broad (now KB Home) with Donald Bruce Kaufman. The company revolutionized the homebuilding industry by marketing affordable, mass-produced homes to young buyers, bypassing traditional contractors. The firm went public in 1961 and expanded into France. In 1971, Broad moved the company's headquarters to Los Angeles. He later diversified into financial services, acquiring Sun Life Insurance Company of America in 1971, which he transformed into SunAmerica, a retirement savings giant. After selling SunAmerica to AIG for $18 billion in 1998, Broad focused full-time on philanthropy. He also served on the boards of major corporations like The Coca-Cola Company and was a founding chairman of Staples Center.

Philanthropy and civic engagement

Broad and his wife established the Broad Foundations, which include The Broad Art Foundation and The Eli and Edythe Broad Foundation. Their giving profoundly shaped the cultural and educational landscape of Los Angeles. Major gifts included $100 million to found the Broad Institute of MIT and Harvard for genomic medicine, over $600 million to advance scientific research at institutions like the UCLA Eli and Edythe Broad Center of Regenerative Medicine, and $140 million to establish the Broad Contemporary Art Museum at the Los Angeles County Museum of Art. He was a leading funder of charter school expansion through the Broad Center for the Management of School Systems and supported Teach For America. Broad was also instrumental in the fundraising and development of Walt Disney Concert Hall and the campaign to bring a NFL team back to Los Angeles.

Personal life and death

Broad was married to Edythe Broad for 67 years, and they had two sons, Jeffrey and Gary. He was a noted art collector, building one of the world's most prominent collections of postwar and contemporary art. An avid supporter of the Democratic Party, he contributed to numerous political campaigns and causes. Eli Broad died from complications of ischemic heart disease on April 30, 2021, at the age of 87, at his home in Los Angeles.

Legacy and honors

Broad's legacy is cemented in the many institutions that bear his name. He received numerous honors, including the Carnegie Medal of Philanthropy and the Order of the Aztec Eagle from the government of Mexico. The Broad museum in downtown Los Angeles, which houses his art collection, stands as a major civic landmark. His philanthropic models in education reform, though sometimes controversial, significantly influenced national policy debates. Broad's life and career were chronicled in his autobiography, *The Art of Being Unreasonable*, and he is remembered as a pivotal figure in the growth of modern Los Angeles.

Category:American billionaires Category:American philanthropists Category:Businesspeople from Los Angeles