Los Angeles' troubled Museum of Contemporary Art (MOCA) has revealed it has nearly tripled its endowment in just two weeks to US$60m (47m euro, £40m).

The announcement comes shortly after the museum rejected a proposal from the Los Angeles County Museum of Art (LACMA) to buy it out and save it from its financial woes.

The MOCA Independence fundraising campaign aims to bring the total endowment to US$100m (78m euro, £66m) to ensure the museum's ongoing independence.

MOCA trustee Eugenio Lopez said: "With a health cash reserve and no debt, boosting our endowment gives us the financial security to fulfil our mission."