Real estate tycoon turned philanthropist, Eli Broad, has confirmed a downtown Los Angeles site as the future home for a new contemporary art museum.

As first reported by World Leisure News on 8 August, the US$90m (£58m €72m) Broad Collection, funded entirely by the billionaire, will be built on Grand Avenue, adjacent to the Walt Disney Concert Hall.

The museum will boast 53,000sq ft of exhibition space and artefacts will largely consists of pieces of art that Broad and his wife Edythe have collected.

The couple founded the Broad Art Foundation in 1984, and have so far made more than 7,000 loans to more than 450 museums and university galleries worldwide.

The Los Angeles City Council gave the project the go ahead earlier this month.

According to financial publishers Forbes, Broad is among the 100 wealthiest people in the world.