Eli Broad Says He’ll Pay $7.7M, Not $1, For LA Museum Site

In addition to his new offer on “a 99-year lease on public land in downtown Los Angeles where he can build an art museum,” the billionaire “already has promised to pay the full construction cost of up to $100 million and provide a $200-million endowment that would yield an estimated $12 million a year to cover the museum’s operating expenses.”