Jerry Perenchio Bequeaths $500 Million Art Collection To L.A. County Museum

Billionaire Jerry Perenchio has bequeathed his $500 million art collection to the Los Angeles County Museum of Art. The collection contains 47 works of art, including original paintings by Cezanne, Degas, Magritte, Manet, Monet and Picasso.

Although the donation is “the greatest gift of art to the LACMA in history,” Perenchio included one prerequisite: the museum is tasked with constructing a new building to house the artwork. He also specified that the building must be designed by Swiss architect Peter Zumthor.

A museum spokesperson confirmed the new building will cost an estimated $600 million. As reported by The Washington Post, the Los Angeles County board of supervisors approved the use of a $125 million bond. However, the museum is tasked with raising the remaining $475 million. It is expected that private donors will contribute a large portion of the needed funds.

Although he is notorious for avoiding the spotlight, Jerry Perenchio said he “decided to go public because… it’s important for Los Angeles County and LACMA to help make this new building possible.”

The grandson of Italian immigrants, A. Jerrold “Jerry” Perenchio worked his way through college as a booking agent. He later founded his own talent agency, which represented numerous film legends including Elizabeth Taylor.

In 1992, Perenchio and his partners acquired Univision for $550 million. Fifteen years later, Univision was sold for $13.7 billion. As reported by Forbes, Jerry Perenchio netted more than $1 billion in the sale.

Although he is well known in the entertainment industry, Perenchio has managed to avoid the spotlight. In a 1981 interview, he explained why he prefers to work behind the scenes.

“I really don’t mean to be rude. I just don’t want to give out interviews. I just hate them. Inevitably, I ended up hurting some people or leaving some names out, or getting quoted out of context.”

Although he is notorious for avoiding the public eye, Jerry Perenchio and his wife are also known for their generous philanthropy and political contributions. The couple reportedly donated more than $144 million between 2001 and 2010. A majority of the donations were used to fund political campaigns.

In addition to their political contributions, the Perenchios have contributed millions to AIDS research, gay rights, and environmental organizations. The couple has also been quite generous in their donations to artistic organizations and museums.

Jerry Perenchio’s art collection could be “one of the greatest art gifts ever, to any museum.” Although he spent 50 years amassing the collection, Perenchio wants others to enjoy the artwork as well.

[Image via Washington Post]