American entrepreneur and billionaire, Eli Broad, died on Friday at the age of 87, after a long struggle with illness.
A spokeswoman for the Eli and Edythe Broad Foundation said the billionaire died at Cedars-Sinai Medical Center in Los Angeles after a long illness.
Born in the Bronx, New York in 1933, Eli Broad moved to Detroit with his family when he was still young, and in this American Midwestern city, he began his career as a real estate developer.
Eli Broad made his fortune in real estate and insurance, was also an avid art collector, and turned to philanthropy full-time in 1999.
He played an important role in shaping the artistic and cultural scene in Los Angeles, as he provided funding to the “Broad Museum” of contemporary art, made major contributions to building the “Walt Disney Concert Hall”, and also helped establish the Center for the Arts at the University of California.