LOS ANGELES (AP).- Billionaire Eli Broad has chosen to build a museum for his contemporary art collection in downtown Los Angeles.

Broad's announcement Monday came minutes after a panel of local and state officials approved a plan to lease 2.5 acres of county-owned land to Broad.

Under the deal, Broad will finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation. He will pay $7.7 million over the course of the 99-year-lease.

Broad made his billions as co-founder of developer KB Home and through the sale of insurer SunAmerican.

His 2,000-piece collection includes works by Jean-Michel Basquiat, Salvador Dali and Joan Miro. He was also considering building the museum in Santa Monica.

Check back soon for further information. AP's earlier story is below.

LOS ANGELES (AP) — A committee has given final approval to billionaire Eli Broad's plan to build a museum for his contemporary art collection in downtown Los Angeles.

The Grand Avenue Authority of state and local officials voted Monday to lease 2.5 acres of county-owned land to Broad. He has not announced whether he will build in Santa Monica or Los Angeles.

Under the deal, Broad will finance construction of the $80-million to $100-million museum and contribute $200 million toward its operation. He would pay $7.7 million over the course of the 99-year-lease.

Broad made his billions as co-founder of developer KB Home and through the sale of insurer SunAmerican.

His 2,000-piece collection includes works by Jean-Michel Basquiat, Salvador Dali and Joan Miro.


Copyright 2010 The Associated Press.