David Geffen pledges record-setting $150M for new LACMA facility

The contribution will build the Peter Zumthor museum

Los Angeles /
Oct.October 04, 2017 01:00 PM

Entertainment mogul David Geffen just pledged the largest cash donation from an individual in LACMA history – a whopping $150 million – to fund the development of a new building at the iconic museum, the Los Angeles Times reported.

His contribution brings the museum’s fundraising total to $450 million, which is still a ways away from the $650 million needed for the construction of the Peter Zumthor-designed building.

“There is no great city without a great museum,” Geffen told the LAT.

The new modernist structure will replace three William Pereira buildings from the 1960s, and a 1980s addition by Hardy Holzman Pfeiffer Associates. Museum director Michael Govan, who is largely leading the years-long fundraising effort for the makeover, previously said the buildings would have required $300 million in restorations to remain functioning.

Groundbreaking for the new building, to be named “David Geffen Galleries” in honor of the donation, is scheduled for 2019 with completion slated for 2023.

Other contributors for the project include Las Vegas art collector Elaine Wynn, Univision Chairman A. Jerrold Perenchio (former owner of the Chartwell estate, which recently set records with its $350 million ask) and Harbor Freight Tools founder Eric Smidt and his wife, Susan.

Geffen is the founder of Asylum and Geffen Records and the co-founder of DreamWorks SKG. His philanthropic efforts aren’t limited to the West Coast — he donated $100 million to New York’s Museum of Modern Art last year and another $100 million to renovate the home of the New York Philharmonic in 2015. He also pocketed some extra cash after selling two properties on the luxurious Malibu sands earlier this year. [LAT] – Natalie Hoberman


Related Articles

arrow_forward_ios
Colton Mayor Frank J. Navarro (City of Colton, California)
Colton to extend moratorium on distribution warehouses
Colton to extend moratorium on distribution warehouses
Red Mountain Retail Group's Michael H. Mugel with 11901-12089 Central Ave (Red Mountain, Newmark, iStock)
Red Mountain goes shopping for retail in Inland Empire
Red Mountain goes shopping for retail in Inland Empire
3440 Lomita Boulevard (Loopnet)
Cedars-Sinai buys medical office building in South Bay
Cedars-Sinai buys medical office building in South Bay
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
Aerospace outfit leases 115K sf warehouse in Commerce
Aerospace outfit leases 115K sf warehouse in Commerce
Bicycle Hotel and Casino (google Maps, iStock)
Investor scores $210M for Bell Gardens casino deal
Investor scores $210M for Bell Gardens casino deal
Dollinger Properties' Dave Dollinger and Plaza at Golden Valley mall (Crexi, Getty Images)
$54M for Santa Clarita retail center
$54M for Santa Clarita retail center
1633 Victory Boulevard, Glendale and Senior Planner at City of Glendale Dennis Joe (Google Maps, LinkedIn)
New owner wants to enlarge controversial Glendale hotel project
New owner wants to enlarge controversial Glendale hotel project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...