Billionaire Eli Broad Offered $1 Lease For His New Art Museum
Not everyone thinks that Broad should get such a sweetheart deal according to an LA Daily News article. County Supervisor Michael D. Antonovich wonders why the city, which is struggling financially, would give up the potential tax revenue in favor of benefiting one of the country's richest men. The art museum won't generate property or sales taxes and although Broad is one of the city's most philanthropic citizens it still seems like a tremendous gift.
The Broad collection was originally supposed to go to the Los Angeles County Museum of Art. In 2008 he decided that he wouldn't be installing his 2,000 work contemporary art collection at the LACMA and other locations in Beverly Hills and Santa Monica were discussed. The art is currently located in a four-story building in Santa Monica but it is in a building that does not offer easy public access. The Santa Monica City Council has also offered to lease a 2.5-acre site a couple of blocks from the beach for Broad's museum for $1 per year for 99 years.