Written by by Lauren Fox and Lauren Shamburger, CNN
Exclusive details of the settlement made between art collector Eli Broad and philanthropist Georgette Mosbacher are slowly starting to emerge.
The two billionaires, who live in separate homes in Los Angeles, agreed to sell off some of their collection last year in order to divide their assets.
Now both parties are publicly outlining their share of the winnings in Forbes magazine’s annual list of billionaires, and how they are dividing their artwork.
The deal netted Broad $499 million, according to Forbes , while Mosbacher received $275 million. Forbes did not include a slideshow of the art, but published a number of statements on the legal settlement.
“We reached an agreement to transfer the art collection so we could be paid in a single lump sum and enjoy a significant net worth when we returned to our respective homes after a long separation,” said Mosbacher in a statement.
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“The settlement, resulting in a long-term net worth adjustment, was a comfortable arrangement for each of us,” she added.
‘Most of my life money’s been inherited’
The billionaire — currently ranked eighth on the Forbes list of America’s Richest Americans and worth $3.4 billion — will divide his property across the globe in reverse chronological order, according to Forbes.
The first home in Broad’s lineup is in Malibu, California, a six-bedroom villa in a “classic California neighborhood with large ocean-facing beach front properties.”
These properties are his favorite, according to Forbes. While Broad didn’t win the Academy Award, his work is loved by film critics. “Most of my life money’s been inherited,” he told Forbes in 2011.
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Eli and Georgette Broad’s art collection stretches across 20 countries, which include: Russia, Netherlands, France, Belgium, Israel, Egypt, Italy, Czech Republic, Japan, Canada, England, Ireland, Norway, Switzerland, South Africa, Sweden, Czech Republic, Italy, Japan, Germany, Austria, Belgium, Spain, United States, France, Great Britain, Malta, Portugal, Slovakia, Estonia, Poland, United Arab Emirates, United Kingdom and Germany.
His collection includes sculptures by Rembrandt, Gauguin, Matisse, Henry Moore, El Greco, Bernini, Modigliani, Durer, Escher, Magritte, Picasso, Gaudier-Brzeska, Degas, Roy Lichtenstein, Damien Hirst, Gustave Courbet, Matisse, Renoir, Monet, Matisse, Morandi, Kandinsky, Turner, Fuseli, Mondrian, Schnabel, Hieronymus Bosch, Renoir, Bronzino, C’ezanne, Picasso, El Greco, Cezanne, Seurat, Braque, Picasso, Klee, Seurat, and Forêt.
New York City’s Metropolitan Museum of Art alone receives 200 pieces per year from Broad, who lists his hobbies as “investing, overseeing philanthropy, and helping his five children with their businesses and studies.”
Mosbacher lists her hobbies as “announcing deals,” while her billionaire husband admits to liking “spending time with my kids.”