Malibu Complete MALIBU'S WEALTHY: ELI BROAD

Malibu's Wealthy: Eli Broad

Business leader and Carbon Beach resident Eli Broad.
Business leader and Carbon Beach resident Eli Broad. Photo: Courtesy The Broad Foundation.

Malibu's Wealthy: Eli Broad

Probably the wealthiest person in Malibu is Eli Broad, whose Richard Meier designed home is one of the stellar residences on Carbon Beach. In the Forbes 2004 ranking, he was number 28 in America with wealth estimated at $6 billion. The son of Lithuanian immigrants, his remarkable business success started when he bought real estate for the first time when he was only 20.

Eli Broad co-founded Kaufman & Broad Home Corp. which became a Fortune 500 company, one of the largest home builders in the U.S., now known as KB Home. He parlayed that success when he acquired and developed financial services giant SunAmerica Inc., sold to American International Group (AIG) in 1998 for $18 billion. Broad's share of the AIG deal was about $3.1 billion.

At age 71 (2004) he and his wife Edythe are substantial philanthropists known as major benefactors of the arts, medical advancement, and education. According to the Malibu Times, in 1999, the Eli & Edythe L. Broad Foundation donated $100 million for education programs. Recent gifts have included $60 million to the Los Angeles County Museum of Art to build The Broad Contemporary Art Museum.

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