Eli Broad Biography, Career and Net Worth

Who is Eli Broad?

Eli Broad was an American businessman and philanthropist known for founding Fortune 500 companies, KB Home and SunAmerica. He was also a dedicated supporter of education, medical research, and the arts.

Bio Data

Eli Broad Biography

Eli Broad was born on June 6, 1933, in the Bronx, New York City, he hailed from a family of Lithuanian Jewish immigrants. His father painted houses while his mother was a dressmaker. At six, they relocated to Detroit, Michigan, where his father became a union organizer and owned stores.

Eli attended Detroit Public Schools and graduated from Detroit Central High School in 1951, he pursued accounting and economics at Michigan State University, graduating with honors in 1954. Eli held various jobs during college.

At 21, he married Edythe Edye Lawson. Eli became Michigan’s youngest Certified Public Accountant, a title he held until 2010. After teaching at the Detroit Institute of Technology, he started his accounting firm and received office space from Donald Bruce Kaufman, his wife’s cousin’s husband, in exchange for managing the books for Kaufman’s homebuilding business.

Career

Broad worked as an accountant and taught night classes in accounting at the Detroit Institute of Technology. Desiring to start his own venture, he established his accounting firm, aided by his relative Donald Kaufman. This led to his entry into the homebuilding industry, partnering with Kaufman. They built around 600 homes in Detroit within two years. In 1960, they moved to Phoenix, and then to Los Angeles a few years later. Broad led the business until 1974 when Kaufman retired.

In 1971, Broad bought Sun Life Insurance Company and transformed it into the retirement savings firm SunAmerica, which later went public. He sold it to American International Group in 1998 for $17.8 billion, remaining CEO until 1999.

Transitioning to philanthropy in the 21st century, Broad, with his wife, established the Broad Foundations, donating over $4 billion to education, medical research, and the arts. He championed opportunities for underserved students and founded initiatives like the Broad Prize and the Broad Center.

Broad also made significant contributions to higher education and the arts, leaving a lasting impact on numerous institutions. Additionally, through his foundation, he supported medical research.

Net Worth

Eli Broad, an accomplished American businessman and philanthropist, had an estimated net worth of $7.2 billion. He founded two Fortune 500 companies: KB Home and SunAmerica. Starting in 1957 with a $25,000 loan, he built KB Home, a major home builder.

In 1971, he transformed Sun Life Insurance into the thriving retirement savings giant, SunAmerica, selling it for $18 billion in 1999. Broad, who advocated for higher taxes on billionaires, passed away on April 30, 2021, at 87.

Personal Life

In 1954, Broad wed Edythe Lawson, with whom he had two children. On April 30, 2021, at the age of 87, Broad passed away in Los Angeles after an illness.

FAQs

Q: Who was Eli Broad?

A: Eli Broad was an American businessman and philanthropist known for founding Fortune 500 companies, KB Home and SunAmerica. He was also a dedicated supporter of education, medical research, and the arts.

Q: What were Eli Broad’s major contributions?

A: Broad made significant donations to public education, medical research, and the arts through the Broad Foundations, totaling over $4 billion. He also played a pivotal role in institutions like the Museum of Contemporary Art and the Broad Institute.

Q: When did Eli Broad pass away?

A: Eli Broad passed away on April 30, 2021, in Los Angeles, California, at the age of 87. His philanthropic legacy continues to impact various fields, including education and medical research.

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