BUFFALO, N.Y. (WIVB) — Western New York native Jeffrey Gundlach told News 4 he will be giving another $10 million to support the Albright-Knox Art Gallery’s AK360 expansion project. The billionaire CEO of DoubleLine Capital and passionate art collector said the Albright-Knox needs to raise about another $30 million for the project.
Last year, Gundlach made an historic $42.5 million donation to support the AK360 project. So far, around $125 million has been raised. Gundlach says as planning evolved, the price tag for the expansion changed. It now looks like it will cost around $155 million to renovate the space and transform it into a world class art destination on Elmwood avenue.
Gundlach said he will also be spending more time in his hometown. Over the next year, he is challenging the community and past donors to give more. Gundlach will be more involved in the fundraising process so he decided to make another investment in Buffalo. Instead of staying in hotels, he bought an historic home within walking distance of the Albright-Knox. He asked News 4 not to give away the exact location of the home. His brother will be renovating it, and Gundlach plans to decorate the walls with the work of contemporary Buffalo artists.
The Albright-Knox Art Gallery’s director Janne Sirén said in statement, “My team and I will work hard to realize Jeffrey’s extraordinary second matching challenge. We will do our utmost to honor his exceptional generosity as we strive to build a new museum for the twenty-first century for everyone here in Western New York and beyond. Stay tuned for opportunities to participate in this once-in-a-generation project that will transform our community!”
In 2021, the Albright-Knox will open with a new name, the Buffalo Albright-Knox Gundlach art Museum, or Buffalo AKG Art Museum.