Complex sentence: Jewish Spanish sculptor and painter Angel Orensanz purchased the property in 1986 for $500,000 ($in current dollar terms), and restored it and converted it into an art gallery and performance space, the "Angel Orensanz Foundation Center for the Arts".
Split into simpler sentences: Jewish Spanish sculptor and painter Angel Orensanz purchased the property in 1986 for $500,000 ($in current dollar terms). He restored it, and converted it into an art gallery and performance space, the "Angel Orensanz Foundation Center for the Arts".