Take a look at billionaire Eli Broad’s $75 million Malibu mansion
But even his detractors have got to give Broad credit for how far he’s come in life. Born in New York, in 1933, the only child of Jewish Lithuanian immigrants, Broad grew up in Detroit, where he worked as a drill press operator at the Packard plant, and was a member of the UAW during Jimmy Hoffa’s glory days. Married at 21, he went into business with the husband of his wife’s cousin, Donald Kaufman, who had a small homebuilding business.
Broad has an instinct for untapped potential in distressed companies and after moving to L.A. in 1963, he acquired the insurance company SunAmerica in 1971. Two years later he began collecting art under the mentorship of Taft Schreiber. In 1998 Broad sold SunAmerica for $17.8 billion, and the following year he became a full-time philanthropist.
In 2010, Broad was one of the first people to sign the Giving Pledge, an initiative launched by Bill Gates and Warren Buffet encouraging the extremely wealthy to donate the bulk of their fortunes to philanthropic causes. Broad, who has a net worth of $6.8 billion, has already given away nearly $2 billion, and eight months ago he wrote an Op-ed for the New York Times advocating a wealth tax.
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