Hollywood executive pledges biggest art donation in LACMA history

LOS ANGELES (KABC) -- A legendary Hollywood figure made the biggest art donation in the history of the Los Angeles County Museum of Art. The collection includes paintings by Pablo Picasso, Claude Monet, Edgar Degas and other major artists.

"Los Angeles helped make my career possible," said Jerry Perenchio, 83, the former chairman and CEO of Univision. "My family and I are proud and honored to be able to give something back to a wonderful city."

Perenchio has shunned the spotlight, but on Thursday, he posed for a historic group photo for the major announcement.

He is giving LACMA 47 paintings, worth a half-billion dollars, and it includes the works of 19th and 20th century European masters. Among the pieces are Impressionist paintings by Monet, Edouard Manet and Paul Cezanne; a surrealist work by Rene Magritte; and a 1909 portrait by Picasso that presages his later Cubist efforts.

"LACMA could never afford to buy these artworks on our own," said CEO Michael Govan. "In sum, this collection comprises the greatest gift of art to LACMA in its history."

The announcement is a true Hollywood story. Perenchio started as a talent agent, co-owned a movie studio, then Univision, making him a billionaire.

The bequest, which goes into effect after Perenchio's death, comes with one condition: The museum must first complete construction of a new building designed by Swiss architect Peter Zumthor, which is planned for 2023. The building will cost $600 million and will replace the rapidly deteriorating buildings built in 1965 and 1985.

The Los Angeles County Board of Supervisors on Wednesday approved a tentative plan for a redesign of the museum's campus, and the supervisors kick-started the funding by $125 million. The rest will come through LACMA.

The centerpiece of the renovation would be a huge, amoeba-shaped building featuring gallery space in the form of a bridge over Wilshire Boulevard.

The Associated Press contributed to this report.