Art Collecting, Eli Broad Style

There's a story about real estate mogul Eli Broad. In 1995, the Los Angeles entrepreneur bought a Roy Lichtenstein painting at a Sotheby's auction for $2.5 million and paid for it with his American Express card. Charging the painting entitled Broad to receive 2.5 million frequent-flyer miles, most of which he donated to charity. "I believe the card companies changed the rules after me," Broad says in his typical matter-of-fact manner.

To many who follow Broad's activities, the frequent-flyer story illustrates the melding of the man's willingness to spend big bucks with the practicality that usually accompanies his expenditures. "Eli always says that he wants to make a difference," says Bruce Karatz, chairman and CEO of KB Home, a company founded by Broad (rhymes with road). "The way his mind works, whatever he spends time on, he wants the end result to be better than before he got involved."