Eli Broad : Net Worth , Business Career , Family , Wife, Children, and Biography

Eli Broad was an American billionaire entrepreneur and philanthropist know all about him in this article as like Net Worth 2021 , Business Career , Family , Wife, Children, and Biography

Full Name Eli Broad
Birth Date 6 June 1933 – 30 April 2021
Birth Place Detroit, Michigan, United States
Nationality American
Material Status Married
Wife/Girlfriend Edythe L. Broad (m. 1954)
Children 2
Profession American billionaire entrepreneur and philanthropist
Net Worth US$6.8 billion

Eli Broad was an American billionaire entrepreneur and philanthropist. In June 2019, Forbes ranked Broad as the 233rd wealthiest person in the world and the 78th wealthiest person in the United States, with an estimated net worth of $6.7 billion. Broad is known for his philanthropic commitment to public K–12 education, scientific and medical research and the visual and performing arts.

Eli Broad Net Worth 2021

Mr. Broad became one of the nation’s wealthiest men, with a financial net worth estimated by Forbes magazine Friday at $6.9 billion. He also gained a reputation for being a driven, tenacious deal maker.

Early life

Broad was born on June 6, 1933, in the Bronx, New York City, the only child of Lithuanian Jewish immigrant parents who met in New York.His father worked as a house painter, and his mother as a dressmaker. His family moved to Detroit, Michigan when he was six years old.In Detroit, his father was a union organizer, and owned five-and-dime stores.Broad attended Detroit Public Schools and graduated from Detroit Central High School in 1951.

Broad attended Michigan State University, majoring in accounting with a minor in economics and graduating cum laude in 1954. Among the jobs Broad held in college were selling women’s shoes, selling garbage disposals door-to-door, and working as a drill press operator at Packard Motor, where he was a member of United Auto Workers.The same year, 21-year-old Broad married 18-year-old Edythe “Edye” Lawson.Broad became the youngest Michigan resident to attain the credentials of Certified Public Accountant (CPA), a record he held until 2010. Broad worked as an accountant for two years and taught night classes at the Detroit Institute of Technology as an assistant professor of accounting in 1956.

Personal life

In the early 1990s, the Broads commissioned Frank O. Gehry to design their primary residence in Brentwood. It was built by the architecture firm Langdon Wilson based on Gehry’s initial designs.In the late 1990s, Broad paid $5.65 million for two parcels in Malibu and commissioned Richard Meier to design a waterfront home of roughly 5,400 square feet (500 square metres), which was completed in 2002.Eli Broad died on April 30, 2021, at the Cedars-Sinai Medical Center in Los Angeles, California after a long illness.He was 87.

Professional Career

Doing the accounting for Kaufman’s small business led Broad to decide to enter homebuilding himself. In 1956, Broad and Kaufman decided to partner and build homes togetherBorrowing $12,500 from his wife’s parents, Broad put up half the capital in their first venture together, building two model homes in the Northeast Detroit suburbs where a new generation of first-time home buyers were flocking.

By streamlining the construction process and eliminating basements, offering a carport instead, they could price the houses so the monthly mortgage would be less than the rent for a two-bedroom apartment. Kaufman and Broad christened this model the “Award Winner” and priced it at $13,700.After one weekend, seventeen were sold and within two years, Kaufman and Broad had built 600 homes in the Detroit suburbs.

SunAmerica – In 1971, Broad acquired Sun Life Insurance Company of America, a family-owned insurance company founded in Baltimore in 1890, for $52 million.Broad transformed Sun Life into the retirement savings powerhouse SunAmerica. SunAmerica went public in 1989, and[who?]owned 42% of it by 1998. In 1998, he sold SunAmerica to the American International Group (AIG) for $17.8 billion after 3 weeks of secret negotiations.Broad continued as CEO of SunAmerica until 1999, when he left to focus on philanthropy full-time.

Philanthropy and civic engagement

The Eli and Edythe Broad Plaza in front of the Caltrans District 7 HeadquartersEli and Edythe Broad created The Broad Foundations,which include The Eli and Edythe Broad Foundation and The Broad Art Foundation. These organizations have assets of $2.5 billion.In the same year as its founding in 2010,the Broads signed onto The Giving Pledge, a commitment for wealthy individuals to give at least half of their wealth to charity.The Broads personally committed to giving 75% of their wealth away.As of October 2017, the Broads had given more than $4 billion to support K-12 public schools, advance scientific and medical research, and bring contemporary art to as wide an audience as possible.