If you have about $62 million laying around and you’re in the market for a truly stunning beach house, have we got a deal for you! Billionaire philanthropist and noted art collector Eli Broad just lowered the price of his 5,400-square-foot Malibu beach estate for the second time. He initially listed the Richard Meier designed home in February for $75 million, then lowered it to $67.5 million in July, and has now reduced it once more to $62 million. However, there's no need to worry about Broad; he will still make a truly insane profit on the home, having paid roughly $5.65 million for two beachfront lots in the late 1990s. The home, completed in 2002, bears a striking resemblance to another Richard Meier designed Los Angeles building – The Getty Center.
Billionaire Eli Broad is not only known for his impressive collection of contemporary art but also for his significant contributions to the world of business and philanthropy. He made his $7.2 billion fortune by building two Fortune 500 companies from the ground up. At just 24 years old, he became a co-founder of Kaufman and Broad Home Corporation (now KB Homes) by borrowing $25,000 from his in-laws and turned it into one of the nation's biggest home builders. In 1971, he diversified by purchasing Sun Life Insurance (now SunAmerica), which he sold in 1999 for a staggering $18 billion, holding the position of CEO until 2000.
Through The Broad Foundation, Eli Broad and his wife Edythe invest in public education, science, and the arts. Their foundations work tirelessly to improve communities and advance entrepreneurship. Broad generously supports the arts with donations to the Museum of Contemporary Art in Los Angeles, the Los Angeles County Museum of Art, and the Broad Museum in downtown Los Angeles, which he and Edythe had built specifically to house their vast collection of contemporary art.
| Full Name | Eli Broad |
|---|---|
| Date of Birth | June 6, 1933 |
| Net Worth | $7.2 Billion |
| Companies Founded | Kaufman and Broad Home Corporation, SunAmerica |
| Major Contributions | The Broad Foundation, The Broad Museum |
Table of Contents
Biography of Eli Broad
Eli Broad is a notable figure in the worlds of business and philanthropy. His journey began in the 1950s, and he quickly established himself as a leading entrepreneur. His innovative approach to home building and insurance made him a prominent player in these industries. Broad's success was not only measured by his financial accomplishments but also by the impact he made on communities through his philanthropic efforts.
Eli Broad's Malibu Beach Estate
Broad's Malibu estate is a stunning example of modern architecture, featuring walls of glass that offer breathtaking views of the Pacific Ocean. The property spans almost half an acre and boasts 105 feet of private beach. This luxurious home includes five bedrooms, seven bathrooms, a large living and dining area with a dramatic fireplace, and a guest house, making it a perfect retreat.
Philanthropic Endeavors
Through The Broad Foundation, Eli and Edythe Broad have dedicated their resources to improving public education and advancing the arts. Their contributions to museums and educational initiatives reflect their commitment to creating a lasting impact in society. Broad's philanthropic vision aims to inspire future generations while fostering a love for art and learning.
Final Thoughts
Eli Broad's journey from a young entrepreneur to a billionaire philanthropist is truly inspiring. His Malibu beach house is not just a luxurious property but also a testament to his success and dedication to the arts and education. Whether you're interested in real estate or philanthropy, Broad's life and achievements offer valuable lessons and insights.
