By Mike Boehm .November 16, 2009. Los Angeles Times
Art collector and philanthropist Eli Broad has nearly doubled the size of the museum he intends to build on the Westside for his 2,000-piece collection of contemporary art, and the cities of Beverly Hills and Santa Monica are vying to be its home.
He will also create a $200-million endowment that would generate $12 million a year to operate the privately run, nonprofit institution. The only bigger single cash donation to the arts in Southern California history would be J. Paul Getty’s initial $700-million 1976 bequest to establish the J. Paul Getty Trust — $2.65 billion in today’s dollars.
Broad said that he isn’t trying to play the two municipalities against each other — and added that there is a third possible location that he declined to name. The billionaire said he hopes that by talking to several different cities he can accelerate the process of building the headquarters for his Broad Art Foundation.