Michael Govan, A. Jerrold Perenchio. (Photo by Stefanie Keenan/Getty Images for LACMA)
Hollywood mogul Jerry Perenchio is one who doesn’t like to be in the limelight, thats just not his style. Recently Mr.Perenchio had no choice but to be noticed for donating expensive artwork from artist like Monet, Degas, Picasso and a few other collectively valued at $500 million to the Los Angeles County Museum of Art. These works include paintings,sculptures and works on paper created between the years 1870 through the 1930’s.
“I thought it was very important to get the biggest bang for our buck, and that is why I decided to step out for a brief moment and give the art and ask for the donations,” Perenchio said.
Perenchio wants to use the gift to goad other donors and collectors to back a new $600m building at LACMA by Swiss architect Peter Zumthor, set to be completed by 2023. Construction has yet to begin.
Los Angeles county’s supervisors unanimously voted last Wednesday to allocate $125m for the project that will replace four of the museum’s seven buildings along Wilshire Boulevard.
The museum, which has one of the largest collections in the United States, with 110,000 objects, will receive the works only after Perenchio’s death and is contingent on the completion of the Zumthor building. “I have lived in Los Angeles for 70 years and I owe a lot of the success in my career to this city and I wanted to give something back,” Perenchio said.
Born in Fresno, Perenchio started his career as an agent in hollywood before stepping into television & film production. Forbes estimates his net worth at roughly $2.7 Billion.