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LOS ANGELES (Reuters) - Billionaire philanthropist Eli Broad and his wife on Thursday unveiled long-awaited plans for a new museum in downtown Los Angeles that will house their collection of contemporary art.
The museum, called "The Broad," features a honeycombed shaped facade, glass-enclosed lobby and three floors to display various works in their 2,000-piece collection.
"The Broad" was designed by New York-based architects Diller, Scofidio + Renfro, and will be situated near the Frank Gehry-designed Walt Disney Concert Hall.
The cost is estimated at around $130 million, and it is planned to open in 2013 with works by luminaries of contemporary and modern art including Jasper Johns, Andy Warhol and Roy Lichtenstein.
Broad, 77, made his fortune as a builder and co-founded the home construction company Kaufman & Broad. Forbes estimated his net worth at $5.7 billion in 2010.
Reporting by Bob Tourtellotte; Editing by Jill Serjeant