Beverly Hills In 'Bidding War' With Santa Monica Over Broad Museum
While we told you recently that Santa Monica was reported to be close to wrapping up a deal to have Eli Broad's much anticipated museum open in the beach-side city, Beverly Hills is saying not fast: The Beverly Hills City Council is considering buying a building at Santa Monica and Wilshire boulevards for $15 million and leasing the space to Broad for $1 a year as part of its incentives to have him locate in the gilded town.
The Broad Foundation Eli and Edythe Broad.
This according to Beverly Hills Courier news editor Abbey Hood, who cites an unnamed source. The paper reports that broad is still weighing proposals from both cities, with the Santa Monica City Council set to consider approving its own $1 lease deal for city property for the museum plus nearly $3million in cash and site improvements.
A Beverly Hills city spokeswoman doesn't exactly deny the information given to the Courier by its source:
"The city continues to hold high-level discussions with the Edythe and Eli Broad Foundation regarding the possibility of locating the Broad Museum in Beverly Hills," said Cheryl Friedling. "As part of this process, ongoing dialogue is occurring with local property owners regarding acquisition term and the subsequent lease of the properties to the Broad Foundation."
The Broad museum would showcase 2,000 pieces from the billionaire's collection, including work by Andy Warhol and Henri de Toulouse-Lautrec.