Eli Broad has died at the age of 87, according to news reports.
- Broad was a billionaire who made his money in the home-building industry.
- He co-founded the Kaufman & Broad Building Company in Michigan, which later bought Sun Life for $52 million in 1971, according to the New York Times.
- Broad then gained a $3 billion profit when his company was sold to insurance company American International Group in 1998 for $18 billion, according to NYT.
- Broad also was a philanthropist, spending heavily on cultural projects in Los Angeles, such as the art museum, the Broad.
- Broad died after a long illness, the Associated Press reported.