Nov 6, 2014 11:41 AM
Los Angeles museum to announce huge art donation
The Associated Press
LOS ANGELES (AP) Entertainment executive Jerry Perenchio pledged the Los Angeles County Museum of Art what it calls the largest donation of works in its history, 47 pieces by major artists including Pablo Picasso, Edgar Degas, Claude Monet and Camille Pissarro.
The collection is valued at $500 million, the Los Angeles Times reported (http://lat.ms/1u3oto3 ). The museum plans to announce details of the gift Thursday.
"LA is my home, and I wanted to leave it to a museum here," said Perenchio, 83, the former CEO of Univision.
The Times reported that the bequest, which would go into effect after his death, comes with one condition: The museum must first complete construction of a new building, which is planned for 2023.
The Los Angeles County Board of Supervisors on Wednesday approved a tentative plan for a $600 million redesign of the museum's campus, which would include tearing down and replacing most of its buildings.
The centerpiece of the renovation would be a huge amoeba-shaped building featuring gallery space in the form of a bridge over Wilshire Boulevard.
Museum officials said they will also discuss the building plan at Thursday's news conference.
Perenchio began his career as a talent agent, with a roster of clients including Marlon Brando and Elizabeth Taylor.