George Lucas to donate billions from Disney sale to charity

Last updated on: September 30, 2016 at 5:02 pm by Deacon Greg Kandra

George Lucas to donate billions from Disney sale to charity 2016-09-30T17:02:21-04:00 Deacon Greg Kandra

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He called the first Star Wars epic “A New Hope.” From the Hollywood Reporter, here’s something spectacular to give all of us hope:

By the end of the year, the $4.05 billion sale of Lucasfilm to Disney should be finalized. And since George Lucas owns 100 percent of his company – which has little to no debt – all that money goes to him.

After that, Lucas plans to quickly put the bulk of the money into a foundation which will primarily focus on educational issues, a spokesperson for Lucasfilm tells THR.

RELATED: George Lucas’ Next Act: Bill Gates-style Philanthropy

“George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavors.”

It’s not yet clear which foundation will get the proceeds. Lucas is currently the chairman of Edutopia, which is part of the George Lucas Educational Foundation. He could put money into that or create a new foundation which would be funded from the sale.

The Foundation was the vehicle Lucas used to make a $175 million donation to his alma mater USC in 2006. He has also given to many other causes over the years including the Film Foundation, Stand Up To Cancer and the Make-A-Wish Foundation.

“For 41 years, the majority of my time and money has been put into the company,” Lucas said in a statement Wednesday. “As I start a new chapter in my life, it is gratifying that I have the opportunity to devote more time and resources to philanthropy.”

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