The Los Angeles County Museum of Art has just received two record donations totalling US$75m (€65.5m, £51.2m), bringing its US$600m (€524m, £409.7m) fundraising campaign within touching distance of its halfway point.

The two sizeable donations have come from museum co-chair Elaine Wynn, who has pledged US$50m (€43.7m, £34.1m) to the project, and former Univision chair Jerry Perenchio who is donating US$25m (€21.8m, £17m). The combined total amounts to the largest donation in the museum’s history. Perenchio has already shown incredible support for the project, pledging 47 works of art to the museum worth a combined total of more than US$500m (€436.7m, £341.4m).

With these pledges, the museum has now raised US$275m (€240.2m, £187.8m), with US$125m (€109.2m, £85.3m) to come from the Los Angeles County Board of Supervisors.

The donations kick-off the next phase of the Peter Zumthor-designed permanent collection building. The new building, which will replace four of the museum’s seven current buildings, is intended to present LACMA’s vast and wide-ranging permanent collection.

“These historic and very generous gifts set the foundations of LACMA’s future and will serve as a catalyst to encourage others to come on board,” said Michael Govan, LACMA CEO and Wallis Annenberg director. “Both Elaine and Jerry understand that the realisation of the new building is essential not only for the museum and its collection, but also for Los Angeles.”

The development is on track to begin construction in mid-2018, with the new building slated to open in 2023.