Maurice and Paul Marciano, two of four brothers who founded Guess Jeans, have bought an $8 million, 90,000 square foot former Masonic temple to house their growing collection of top-tier contemporary art.

Last month, the Maurice and Paul Marciano Art Foundation purchased the lavish building by architect and artist Millard Sheets, on Wilshire Boulevard in Los Angeles. They plan to renovate and open it in 18 months as a museum that is open by appoinment only.

“Los Angeles has this amazing creative energy right now, and Maurice’s project is going to be part of it,” said Jeffrey Deitch, the former director of MOCA told the New York Times. “I think this will become one of the most important spaces for contemporary art in the whole country. This is making a big statement about our time.”