Eli Broad, a philanthropist whose donations enabled the establishment of the Broad Institute, has died, the Boston Globe reports. He was 87.
Broad made his fortune, which in 2017 was estimated to be about $7.3 billion, in home building and financial services, the Washington Post writes, adding that he started Kaufman & Broad in 1957 with Donald Kaufman to build homes for first-time buyers and in 1971 bought an insurance company that later became SunAmerica. As the Post notes, Broad used his money to reshape Los Angeles and support the arts, though with a reputation for being domineering, but had said he was the most proud of the Broad Institute.
Broad began donating to the institute in 2003, with his contributions totaling more than $1.1 billion over the years, the Globe reports. "Without Eli, the Broad as we know it today would not exist," Todd Golub, the director of the Broad Institute wrote in an email to the institute, according to the Globe. "His involvement didn't stop with our founding. He was known for high expectations in the business world, and he brought those same expectations to his philanthropic investments, expecting results and inspiring excellence."