LACMA Receives Historic $75 Million Pledge

The Los Angeles County Museum of Art said Thursday it has received a combined pledge of $75 million from two donors toward the construction of its new permanent collection building. The gifts include a $50 million donation by museum co-chair Elaine Wynn and a $25 million donation by A. Jerrold Perenchio. Collectively the donations total the largest gift in the museum's history. Perenchio's donation follows a previous commitment of 47 works worth $500 million for the new permanent collection building, according to LACMA. The entire project will cost an estimated $600 million, of which LACMA said $275 million is pledged so far. The L.A. County Supervisors approved a $125 million contribution to the project in 2014, according to a statement from LACMA.