The Los Angeles County Museum of Art said Thursday it has received a combined pledge of $75 million from two donors toward the construction of its new permanent collection building.
The gifts include a $50 million donation by museum co-chair Elaine Wynn and a $25 million donation by A. Jerrold Perenchio. Collectively the donations total the largest gift in the museum's history, the L.A. Times reports.
Perenchio's donation follows a previous commitment of 47 works worth $500 million for the new permanent collection building, according to LACMA.
The entire project will cost an estimated $600 million, of which LACMA said $275 million is pledged so far. The L.A. County Supervisors approved a $125 million contribution to the project in 2014, according to a statement from LACMA.
The new building will replace four of the museum's seven buildings and will be designed by Swiss architect Peter Zumthor.
The new building is expected to open in 2023, with construction beginning in late 2018.