Eli L. Broad Net WorthReal Name: Eli L. Broad
Date of Birth: 06/06/1933
Place of Birth: New York, New York
2017 Net Worth: $7.2 Billion
Profession: Co-founder KB Home, Founder The Broad Foundation, author
Eli Broad Biography
Eli Broad was born in 1933 to a father who painted houses and a mother who was a dressmaker. When he was 6, his family moved to Detroit, Michigan. Broad attended public schools and majored in accounting graduating Cum Laude from Michigan State University in 1954. Broad worked his way through college selling door to door, working as a drill press operator at Packard Motors, even selling women’s shoes. Broad also taught night classes at the Detroit Institute of Technology and worked as an accountant.
In 1957 Broad started a homebuilding company with Donald Kaufman and a $25,000 loan from his in-laws. Kaufman and Broad, now KB Home, realized that many people living in Detroit would buy affordable houses in the suburbs if the price was right. Broad streamlined the construction process so that people would pay less in mortgage payments than they would for a typical apartment. KB Home went public in 1961 and became the first homebuilder listed on the New York Stock Exchange.
In 1971 Broad purchased Sun Life Insurance (which he later renamed SunAmerica) and sold this company to AIG in 1998 for $18 billion in cash and stock options.
Broad is an avid art collector and created the Broad Art Foundation in 1984. The foundation lends famous works of art to various institutions worldwide. It currently has more than $2.2 billion worth of art. Broad also has plans for an art museum to open in Los Angeles in 2015.
Broad wrote a book entitled “The Art of Being Unreasonable: Lessons in Unconventional Thinking,” which was published in 2012 and debuted as a New York Times bestseller.
Broad has a current net worth of $7.2 billion, even though he has given away nearly half that amount , approximately $3.5 billion, to various charities and biomedical research at Harvard and MIT. Broad could give away half of his net worth yet again and still be an extremely wealthy man.