Billionaire Eli Broad, who was one of the top 100 richest Americans, has passed away at the age of 87. This was reported Saturday, May 1, by NBC News.
According to the media, Broad died at Cedars-Sinai Medical Center after a long illness.
“Eli Broad was the most influential private citizen in Los Angeles of his generation,” Los Angeles Mayor Eric Garcetti wrote on Twitter.
The mayor added that Broad was a visionary, often noticing things others didn’t see. The billionaire built homes, “realized educational opportunities and advances in health care that turned people’s dreams into reality,” Garcetti noted.
Broad was the 85th richest man in America. His fortune at the time of his death was estimated at $6.9 billion, according to Forbes’ real-time updated rankings.
The billionaire was born in 1933 in New York to a family of immigrants from Lithuania. He received his bachelor’s degree from the University of Michigan in 1954. In 1957, together with Donald Kaufman, he founded Kaufman & Broad, which became one of the largest residential real estate developers in the United States.
Together with his wife, Broad founded and financed various projects in education, science and the arts. The couple invested over $1 billion in the creation and support of the Broad Institute, a research center dedicated to genomic medicine.