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Eli Broad offers $7.7 million for art museum lease, not $1. Is it enough?

July 14, 2010 |  5:54 am

Eli Broad

TalkBackLAEli Broad told city and county officials this week that he would pay $7.7 million for a 99-year lease on public land in downtown Los Angeles where he can build an art museum, winning over a public opponent of his plan and signaling in the strongest terms yet that he has decided against putting the museum in Santa Monica.

Broad persuaded Los Angeles County Supervisor Mike Antonovich, the only public official on record opposing his previous request to lease it for a token dollar a year. "We are pleased he has agreed to pay the fair market value on the property," Antonovich's spokesman, Tony Bell, said Tuesday. "The supervisor is satisfied. He would support the effort at this point."

Broad, the philanthropist and art collector whose worth Forbes magazine estimates at $5.7 billion, already has promised to pay the full construction cost of up to $100 million and provide a $200-million endowment.

Read the full story here.

What do you think of the new offer? Share your thoughts below.

-- Mike Boehm

Photo: A parking lot at Second Street and Grand Avenue across the street from Walt Disney Concert Hall in downtown Los Angeles is the area where Eli Broad would like to build an art museum. Credit: Bryan Chan / Los Angeles Times