Eli Broad Net Worth. Eli Broad’s net worth at the time of his death was estimated to be $7.2 billion. Born on June 6, 1933, in Detroit, Michigan, Eli Broad was an influential American businessman and philanthropist. He passed away on April 30, 2021, at the age of 87.
Net Worth Breakdown:
- Fortune 500 Companies:
- KB Home (formerly Kaufman & Broad): Co-founded in 1957 with $25,000 borrowed from his in-laws.
- SunAmerica: Purchased in 1971 and transformed into a retirement savings powerhouse, sold to AIG in 1999 for $18 billion.
- Real Estate: Notably included a Malibu mansion sold for $51.65 million after his death.
Early Life and Education:
Eli Broad was born in the Bronx, New York City, to Lithuanian Jewish immigrants Rebecca and Leo. The family moved to Detroit, Michigan, where his father owned five-and-dime stores. Broad graduated from Detroit Central High School in 1951 and earned a degree in accounting from Michigan State University, graduating cum laude in 1954.
Career Beginnings:
After college, Broad worked as an accountant and taught night classes. Inspired by his work with Donald Kaufman’s homebuilding business, he co-founded Kaufman & Broad Home Corporation, focusing on building affordable housing in Detroit. The company rapidly expanded and became one of the nation’s largest home builders.
SunAmerica:
In 1971, Broad acquired Sun Life Insurance Company of America for $52 million and transformed it into SunAmerica, a retirement savings corporation. He sold SunAmerica to AIG in 1999 for $17.8 billion, remaining CEO until 2000.
Philanthropy:
Eli Broad, along with his wife Edythe, dedicated significant efforts to philanthropy, donating over $4 billion to various causes.
Education Philanthropy:
- The Broad Prize: An annual award of $1 million to large urban school districts in the U.S.
- The Broad Center: Supports leadership development in public education.
- Michigan State University: Donations include $20 million to endow the Eli Broad College of Business and the Eli Broad Graduate School of Management, and $28 million for the Eli and Edythe Broad Art Museum.
Arts Philanthropy:
- Museum of Contemporary Art, Los Angeles: Founding chairman and $30 million donation in 2008.
- Los Angeles County Museum of Art: $60 million donation.
- Los Angeles Opera: $6 million donation for a production of “Der Ring des Nibelungen.”
Medical Philanthropy:
- Broad Institute of MIT and Harvard: $100 million founding gift for genomics research.
- Eli and Edythe Broad Centers for Regenerative Medicine and Stem Cell Research: Established at USC, UCLA, and UCSF with significant contributions.
Personal Life:
Eli Broad married Edythe Lawson in 1954, and they had two children. The couple commissioned architect Frank Gehry to design their main residence in Brentwood, California. Following an illness, Broad passed away on April 30, 2021, in Los Angeles.
Legacy:
Eli Broad’s legacy is marked by his remarkable achievements in business and his extensive philanthropic contributions, significantly impacting education, the arts, and medical research. His dedication to improving society through his wealth has left a lasting influence on numerous institutions and communities.
