Business News

San Francisco Art Institute headquarters sold to group led by Laurene Powell Jobs

[ad_1]

The main campus of the bankrupt San Francisco Art Institute, home to a beloved Diego Rivera mural, has been sold to a new nonprofit led by philanthropist Laurene Powell Jobs.

The nonprofit, made up of local arts leaders and supporters including Powell Jobs, the widow of Apple co-founder Steve Jobs, purchased the campus — which is plagued by debt — through from a limited liability company, for approximately $30 million. The sale, reported earlier in the San Francisco Chronicle, includes “The Making of a Mural Showing the Construction of a City,” a 1931 work. wall by Rivera, which was valued at $50 million and will remain in a viewing room.

The former school will house an unaccredited institution that will include a residency program where artists can “develop their work and show their work,” said David Stull, president of the San Francisco Conservatory of Music, a member of the new nonprofit organization. non-profit. Consultative Committee. He described the new center “as a platform to support artists and create a hub for the community around art”.

Powell Jobs, who declined to be interviewed, has in recent years become a powerful philanthropic force as founder and president of the Emerson Collective, which combines investing and giving.

The purchase comes as the institute, facing approximately $20 million in debt, filed for bankruptcy last April; his two-acre property in the Russian Hill neighborhood was put up for sale last summer.

Artists and civic leaders argued that wall is expected to remain and San Francisco supervisors have designated it as a landmark to prevent its removal.

“San Francisco has long been a center for the development of the arts and continues to be an important center for the development of ideas,” Stull said. “An institution like the Arts Institute must be part of that future.”

In addition to Stull, the advisory board includes Brenda Way, founder and artistic director of the ODC dance company in San Francisco; Lynn Feintech, president of the Los Angeles-based Liberty Building and ODC crew member; Stanlee Gatti, event designer and former chair of the San Francisco Arts Commission; and Stephen Beal, former president of the California College of the Arts.

“San Francisco needed good news and, with Macy’s closes its doors And a catastrophic looping storyit’s a huge boost for the entire city and county,” said Aaron Peskin, chairman of the San Francisco Board of Supervisors.

Peskin, who said he helped guide local zoning law changes through the legislative process to accommodate a reimagined institute, says work on the campus is expected to take up to four years. “It’s a sign that arts and culture could be part of San Francisco’s recovery,” he said.

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button