George W. Bush has raised $500 million for his presidential library in Dallas, TX, breaking the record for the most money ever raised by a former U.S. president for such a facility in their first four years out of office, Time Magazine reported on Wednesday.

"It was our goal to raise $500 million by the time the George W. Bush Presidential Center was dedicated, and we reached that goal," said Mark Langdale, President of the George W. Bush Presidential Center.

Bush's presidential library will be dedicated on April 25. The dedication ceremony will feature all five living presidents-- Jimmy Carter, George H.W. Bush, Bill Clinton, George W. Bush and Barack Obama--and their spouses, the Huffington post reports.

The George W. Bush Center is scheduled to open to the public on May 1.

The record-breaking $500 million fundraising effort was resulted in more money than Bush raised for either of his presidential bids.

George W. Bush's predecessor in the White House, Bill Clinton took until 2004 to raise the $165 million required to open the William J. Clinton Presidential Center in Little Rock, Ark, according to the Daily Press.

"Half of the money was spent to build the Bush Center itself, a portion of the funds go to a mandatory endowment to the Federal Government...and another portion of the funds will go to Southern Methodist University for an endowment that is intended to strengthen our relationship with their programs," Langdale said regarding where the $500 million the former president raised will go.

"The remainder of the funds, most of which are paid for over time in long term pledges, provide a strong financial foundation to build the George W. Bush Institute as a long standing contributor to advancing freedom and the principles that have guided President and Mrs. Bush in their service to their country," he added.