The historic San Francisco Art Institute campus, known for its iconic Diego Rivera mural, has been saved from bankruptcy by a new nonprofit organization led by philanthropist Laurene Powell Jobs. The nonprofit, which includes local arts leaders and Powell Jobs, acquired the campus for approximately $30 million through a limited liability company.
The highlight of the sale is the inclusion of the prized 1931 Rivera mural, “The Making of a Fresco Showing the Building of a City,” valued at $50 million. This masterpiece will be preserved in a viewing room on the campus for public enjoyment.
The former school will undergo a transformation as it becomes an unaccredited institution with a residency program for artists to develop and showcase their work. This new initiative aims to support emerging artists and provide a platform for them to flourish.
David Stull, president of the San Francisco Conservatory of Music and member of the new nonprofit’s advisory committee, has described the center as a hub for promoting artistic talent and fostering a vibrant arts community. The campus will serve as a community center focused on celebrating and nurturing the arts.
With the purchase of the San Francisco Art Institute campus, Powell Jobs and her fellow arts advocates are not only preserving a piece of history but also creating a space where artists can thrive and collaborate. This exciting development promises to breathe new life into the campus and the local arts scene for years to come.
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