New York’s Museum of Modern Art is $100 million richer thanks to a gift from entertainment executive and philanthropist David Geffen.

Geffen created or co-created Asylum Records in 1970, Geffen Records in 1980, DGC Records in 1990, and DreamWorks in 1994.  The 73 year old business magnate, says his passion for art began while visiting MoMA as a young man.

The museum plans to use the money for its renovation and expansion.

Three floors of new galleries will be named The David Geffen Wing and a suite of galleries in the current museum building will be re-named The David Geffen Galleries this spring.