Eli Broad, Billionaire Philanthropist, Dies at 87
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Eli Broad, the successful business leader who later help transform the arts, culture and architecture of Los Angeles, died Friday afternoon at 87.
The Eli and Edythe Broad Foundation, where Broad and his wife Edye have served as full-time philanthropists since 1999, announced Broad’s death.
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Broad amassed his wealth by creating two successful businesses: Kaufman and Broad Home Corporation, which Broad founded in 1957 at age 23 in Detroit, and later turned a life insurance company that he bought into SunAmerica. He bought the company for $52 million in the 1970s and sold it to AIG for $18 billion in 1999.
Eli Broad, the billionaire philanthropist, contemporary art collector and entrepreneur who co-founded homebuilding pioneer Kaufman and Broad Inc. and launched financial services giant SunAmerica Inc., died Friday in Los Angeles. He was 87.
Billionaire property and Sun Life insurance mogul turned arts mega-donor Eli Broad dies aged 87
Broad was the only child of Lithuanian Jewish immigrants, with his family moving to Detroit when he was seven
Broad passed away at Cedars-Sinai Medical Center in Los Angeles on Friday
His spokesman said he had suffered a long illness prior to his death
Broad made his billions money in property and insurance
He then lavished hundreds of millions on good causes, including two art museums