The 50 Wealthiest Angelenos: 4. Eli Broad

0

THE MONEY: Savvy entrepreneur, philanthropist and arts patron made fortune building and selling two Fortune 500 companies. Continues to see biggest net-worth gains from growing collection of some 2,000 postwar and contemporary artworks. Diversified portfolio of equity and real estate investments remains steady. Sold off most of once-substantial stake in insurance giant AIG during recession, but value of remaining stock up 20 percent in last year.

BUZZ: Entering his ninth decade, prominent philanthropist and civic leader still vigorous on both local and national arts, medical research and education reform scenes. Made waves earlier this year by supporting hike in city’s minimum wage for all workers. Avid art collector, his two collections have added 89 pieces over the past two years. Soon to open the Broad, downtown L.A. museum across Grand Avenue from Los Angeles Museum of Contemporary Art, which he helped bail out in 2008. A Los Angeles County Museum of Art building bearing his name also features works from his collections. Continues to express interest in participating in local ownership group for Los Angeles Times, to be spun off from Tribune Co. as part of separate newspaper group. Broad and wife, Edythe, among the early co-signers of Giving Pledge launched by Warren Buffett and Bill Gates to donate more than half of their wealth to charity. After making first fortune with Kaufman and Broad (now KB Home) in the 1960s, bought Sun Life Insurance Co. of America and transformed it into retirement savings giant. SunAmerica sold to insurance giant AIG in 1998 for $18 billion in cash and stock.

NET WORTH:

$7.41 billion s4.4%

LAST YEAR: $7.1 billion

AGE: 80

RESIDENCE: Los Angeles

SOURCES OF WEALTH: Homebuilding, insurance

No posts to display