Michigan State University received its largest individual cash gift Friday, picking up $26 million from alumnus Eli Broad and his wife, Edythe, to help build a new art museum on campus.
Broad, 73, a 1954 graduate, made his fortune in real estate and finance. The L.A. billionaire endowed Michigan State's business college in the 1990s.
The school's art collection is currently on campus in the Kresge Art Museum. The new museum will focus on modern and contemporary art. It will be named the Eli and Edythe Broad Art Museum pending approval from the university's governing board at its June 15 meeting.
The Broad gift includes $18.5 million for construction, and $7.5 million will be used to buy art and start endowments for exhibitions and operations. Michigan State has raised an additional $6.5 million toward the construction project.