Billionaire Eli Broad has decided to build his own art museum at a site located just miles from the Los Angeles County Museum of Art, which less than a year ago opened a $56-million museum for contemporary art named for Mr. Broad, its largest benefactor, reports The New York Times.

In an October 20 letter to the city manager of Beverly Hills, a lawyer representing Mr. Broad said the philanthropist was interested “in bringing a first-class public art museum and adjacent foundation offices to the City of Beverly Hills.”

Previously Mr. Broad had said he would not build his own museum, but in January he expressed intentions to retain permanent control of his art collection in a private foundation rather than give most of it away.

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