David Geffen Pledges $150 Million to LACMA
The donation is the largest cash gift received from an individual in the museum's history.
Business magnate David Geffen recently pledged $150 million to help the development of a new building for the Los Angeles County Museum of Art. The donation raises the fundraising total for LACMA to $450 million, which leaves only $200 million until the organization meets its goal of $650 million. The pledge is the largest cash gift to have ever been received from an individual in the history of LACMA.
The gift will go toward the development of a highly anticipated modernist. The museum’s director, Michael Govan, has been raising money for the project for the past three years.
“Los Angeles is a world capital of arts and culture — a place where people everywhere can find inspiration in the power of creative expression. David Geffen’s monumental gift to LACMA will live as an example of how philanthropy can transform institutions and touch people across generations,” Los Angeles Mayor Eric Garcetti said in a statement. “Angelenos and visitors from around the world will be moved by this incredible generosity and commitment to sharing and appreciating art in the 21st century.”
The new LACMA facility will take the place of three original William Pereira buildings that were completed in 1965 and the Hardy Holzman Pfeiffer Associates structure that was completed in 1986.
Geffen previously donated more than $400 million to the David Geffen School of Medicine at UCLA and $25 million to the Academy of Motion Picture Arts and Sciences’ museum, which is under construction next to LACMA.