Not satisfied with just donating a record amount of money to the Albright-Knox Art Gallery, philanthropist Jeffrey Gundlach now wants to live near it.
The billionaire investment manager, who owns a $15 million estate in the Pacific Palisades of Los Angeles, will use a 5,204-square-foot mansion at 76 Lincoln Parkway as his home when in town.
Gundlach bought the 0.41-acre property through Frostridge LLC in 2017 from the estate of Susan F. Surdam, paying $950,000, and he's making interior improvements.
The property is just a few blocks from the museum, but the founder of DoubleLine Capital won't always be there, said attorney Sean Hopkins. So now he's planning to carve out the rear 4,525-square-foot portion of the property into a new lot, on which he'll put up a two-story detached building with a three-car garage and a 1,120-square-foot caretaker's apartment.
Both the existing 2.5-story house in front, which dates to 1926, and the new house in the rear will be stucco.
Plans by architect David Sutton call for adding a new uncovered porch on the front facade of the existing house. The new balcony is designed to mimic the home's original terrace and courtyard. The property is in the Elmwood Village Historic District East.
If approved, construction by Omni-Craft Inc. – the Akron-based firm owned by Gundlach's older brother, Drew – would cost $250,000 and would last four months, according to an application to he Buffalo Planning Board, which will review the project July 30.
The project received three variances from the Zoning Board of Appeals.
Gundlach donated $42.5 million to the Albright-Knox in 2016 to anchor the museum's $100 million capital campaign, then added another $10 million commitment in 2017 when the museum increased its target to $155 million.