Broad to halt his phi­lan­thropy ef­forts

Santa Fe New Mexican - - THE WEATHER -

LOS AN­GE­LES — Eli Broad, a bil­lion­aire who has been a dom­i­nant fig­ure in this city’s cul­tural, phil­an­thropic, busi­ness and po­lit­i­cal world for al­most 50 years, an­nounced Thurs­day that he is step­ping down from pub­lic life, say­ing that it was “time to move on.”

“I am re­tir­ing,” Broad, 84, said from his 30th-floor of­fice at the Broad Foun­da­tions in Cen­tury City. “Now. Right now. I am just tired. I want to spend more time with my fam­ily. Catch up on my read­ing.”

It is dif­fi­cult to over­state Broad’s im­por­tance to Los An­ge­les. He has been a con­fi­dant of may­ors and gov­er­nors, an ag­gres­sive ad­vo­cate for char­ter schools and a heavy con­trib­u­tor to med­i­cal causes, par­tic­u­larly stem-cell re­search.

He has given away $4 bil­lion of his $7.3 bil­lion for­tune. The en­dow­ment for the Broad Foun­da­tions, which is his main phil­an­thropic arm, is $2.5 bil­lion.

Broad has pledged to give away 75 per­cent of his for­tune in his life­time. He has, at times, been a po­lar­iz­ing fig­ure, fight­ing with teach­ers unions over char­ter schools.

Although Broad said he con­sid­ered the money given to ed­u­ca­tion and med­i­cal re­search his big­gest ac­com­plish­ment, his con­tri­bu­tions to the city’s art and cul­tural world may prove the most en­dur­ing legacy — par­tic­u­larly for Los An­ge­les’ now-thriv­ing down­town.

Eli Broad

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