David Geffen was listed at No. 68 on 2014’s Forbes 400 list, but since retiring five years ago, the entertainment magnate revealed that he hopes to give his money away while he is alive so he can “watch it do good.” Geffen has since paid to place his name on three Los Angeles cultural buildings, and will now reportedly be donating $100 million to renovate Lincoln Center’s Avery Fisher Hall and rename it David Geffen Hall.

Avery Fisher Hall was built in 1962, and despite being home to the prestigious New York Philharmonic, has long been considered outdated and features problematic acoustics. The hall’s gut renovation is expected to cost more than $500 million, and Geffen will contribute $100 million towards that total. Lincoln Center paid the Fisher family $15 million to relinquish the name of the performing arts center, so it could be named after Geffen following his donation.

Geffen has made major contributions to the arts throughout his entire career; he fostered the careers of the Eagles, Joni Mitchell, Linda Ronstadt and Nirvana during his time as a music producer, and as a film producer, he established DreamWorks with Steven Spielberg and Jeffrey Katzenberg. Geffen also holds one of the world’s leading art collections, and owns the work of artists like Jackson Pollock, Robert Rauschenberg and Willem de Kooning. The New York Times reported on Wednesday that he’s excited to extend his reach into classical music.

“It was a quick yes for me,” said Geffen, a self-proclaimed ‘arts junkie.’ “I’m a kid from Brooklyn – it’s a big deal. I watched them build this building.”

Lincoln Center chairwoman Katherine G. Farley told the Times that the Center is “so thrilled to have David’s name associated with this hall,” and president Jed Bernstein added that, “for any of us in show business, to be associated in anything with David is a privilege.”