The Los Angeles County Museum of Art announced two major gifts the institution said pushed it close to the halfway point in a $600 million fundraising campaign for construction of a new building, the Los Angeles Times writes.
The museum received a pledge of $50 million from art collector and resorts mogul Elaine Wynn, who co-chairs its board. A. Jerrold Perenchio, the former chairman of media giant Univision who promised a $500 million art trove in 2014, is donating $25 million.
The gifts are contingent on the museum successfully launching the building project. It aims to break ground in 2018 on the modernist design by architect Peter Zumthor, which goes into the environmental-review stage this summer, and to finish construction in 2023.