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About
Eli Broad was an American billionaire businessman, philanthropist, art collector, and founder of the Broad Foundation. Born in the Bronx, New York, he moved to Detroit as a child and built his fortune starting in the 1950s through innovative homebuilding with Kaufman & Broad, which evolved into KB Home, a major U.S. homebuilder. He later founded SunAmerica, a financial services company specializing in annuities and retirement products, which he sold to AIG in 1999 for $18 billion. Broad's business acumen made him one of the wealthiest individuals in the U.S., with Forbes estimating his net worth at $6.7 billion in 2019, ranking him 78th richest in the country. He was a major donor to Democratic causes and education initiatives, founding the Broad Foundation in 1999 to support charter schools, leadership training for educators, and scientific research, including significant contributions to institutions like the Broad Institute for genomic medicine. Broad's philanthropy extended to the arts, where he amassed one of the world's largest private contemporary art collections, donating works to the Los Angeles County Museum of Art and establishing The Broad museum in downtown Los Angeles in 2015, which has drawn millions of visitors. He was a vocal advocate for transforming public K-12 education toward a charter school model, funding programs like Teach For America and supporting figures such as Eva Moskowitz, founder of Success Academy Charter Schools, as a major donor. His efforts in medical research included backing stem cell research and the Eli and Edythe Broad Center of Regenerative Medicine. Despite his achievements, Broad faced criticism for his aggressive push in education reform, with detractors accusing him of undermining public schools and promoting privatization. He passed away in 2021 at age 87, leaving a legacy of blending business success with targeted philanthropy to shape policy and culture. Throughout his life, Broad maintained a high-profile presence in Los Angeles, where he and his wife Edythe resided and focused much of their giving. His influence networks spanned business leaders, politicians, and cultural figures, often leveraging his wealth to advocate for progressive causes while navigating controversies over his role in urban development and education policy.