Billionaire Eli Broad, Who Made His Mark On Los Angeles, Dies At 87

Eli Broad has died at the age of 87, according to news reports.

• Broad was a billionaire who made his money in the home-building industry.
• He co-founded the Kaufman & Broad Building Company in Michigan, which later bought Sun Life for $52 million in 1971, according to the New York Times.
• Broad then gained a $3 billion profit when his company was sold to insurance company American International Group in 1998 for $18 billion, according to NYT.
• Broad also was a philanthropist, spending heavily on cultural projects in Los Angeles, such as the art museum, the Broad.
• Broad died after a long illness, the Associated Press reported.

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