Eli Broad, billionaire and MSU donor, dies at 87

Billionaire philanthropist Eli Broad, arrives for a groundbreaking ceremony for The Grand, a...
Billionaire philanthropist Eli Broad, arrives for a groundbreaking ceremony for The Grand, a long-delayed massive development in downtown Los Angeles on Monday, Feb. 11, 2019. Broad told attendees Monday that the project stems from a vision of Grand Avenue becoming the arts, cultural and civic district for the region. (AP Photo/Richard Vogel)(Richard Vogel | AP)
Published: Apr. 30, 2021 at 9:20 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

LANSING, Mich. (WILX) - Eli Broad, a businessman and philanthropist whose influence was felt across the country, has died. He was 87.

Broad made billions in the insurance and home building business, eventually turning his wealth to philanthropic endeavors that focused on art, culture and education.

He used his fortune to affect changes he wanted to see, particularly when it came to art or the city of Los Angeles. He was pivotal in creating the Los Angeles Museum of Contemporary Art. When that museum teetered on the verge of financial collapse in 2008, he spent $30 million to bail it out.

Those that attended Michigan State University (MSU) will be familiar with the name. He is the founder of the Eli Broad College of Business. Broad, an alumnus of Michigan State, endowed the college in 1991.

Michigan State University President Samuel L. Stanley Jr., M.D. issued a statement Friday night, after learning of the passing of Broad.

“I am deeply saddened by the passing of MSU alumnus, humanitarian and philanthropist Eli Broad and my heart is with Edythe and the entire Broad family,” Stanley wrote. “Eli was a selfless, kindhearted man who dedicated much of his life to making the lives of others better. From the classroom to the board room, altruism was the backbone of his mission, and Eli embodied what it means to be a Spartan. His impact on Michigan State University and Spartans everywhere will be felt for decades to come. We are forever grateful for his service, generosity and his passion for his alma mater.”

Copyright 2021 WILX. All rights reserved.

Subscribe to our News 10 newsletter and receive the latest local news and weather straight to your email every morning.