filmmaker George Lucas said that he will be donating the majority of the money to his education foundation.
"For 41 years, the majority of my time and money has been put into the company," Lucas said in a statement. "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.”
The George Lucas Educational Foundation, known as Edutopia, is located in San Rafael, and advocates for innovative strategies to prepare K-12 students for their future education, careers and adult lives. The amount of the money that Lucas will be donating was not released.
On Tuesday, Walt Disney Studios announced that it will be taking over the rights to the Star Wars and Indiana Jones franchises, Lucasfilm’s post production businesses, Industrial Light and Magic, Skywalker Sound and a suite of entertainment technologies. Disney said Star Wars: Episode 7 is expected to be released in 2015 and they plan to release one film every two to three years after that. The San Anselmo filmmaker will play a creative consulting role in the future Star Wars films and retain ownership of his Marin ranches.
In 2010, Lucas pledged that he would be donating the majority of his wealth to supporting his foundation.
"We have to plan for our collective future—and the first step begins with social, emotional, and intellectual tools we provide to our children," he said in a release. "As humans, our greatest tool for survival is our ability to think and to adapt—as educators, storytellers, and communicators our responsibility is to continue to do so.”