The chairman of financial-services firm Raymond James said Monday that he has contracted to buy part of a St. Petersburg, Fla., office building as concrete step toward opening a long-planned art museum, reports the Tampa Bay Times.
Tom James told the newspaper last year that he would commit up to $75 million of his own money to an institution to house his extensive collection of Western and Native American art.
As many as 600 of the more than 2,500 works owned by Mr. James and his wife, Mary, would be exhibited at the museum, tentatively scheduled to open in 2017. Much of the collection wold remain at the Raymond James St. Petersburg headquarters, where it can be viewed by prearranged tours but is not generally open to the public. Mr. James has estimated the value of his collection at $20 million to $25 million.