First $50 Million From '12-12-12' Benefit Ready for Distribution

The organization channeling money raised by last week's "12-12-12" Hurricane Sandy benefit concert is ready to begin distributing the first $50 million to various groups aiding victims of the late October storm that devastated parts of New York, New Jersey and Connecticut, the Los Angeles Times reports. 

Photos: Live at the '12-12-12' Sandy Benefit Concert

The Robin Hood Foundation is in charge of steering money the concert raised through ticket sales to see the Rolling Stones, Bruce Springsteen and the E Street Band, Bon Jovi, Billy Joel, the Who and Paul McCartney playing with the surviving members of Nirvana and more. Funds also came through sponsorships, merchandise, telephone and Internet donations, as well as online auctions of memorabilia and advance orders of a forthcoming live album. Two billion people reportedly had access to viewing the event, and the 12-12-12 album hit No. 1 on iTunes as a pre-order.

"The money raised to date is going right to hundreds of organizations in the tri-state area serving those who need it most," said David Saltzman, executive director of Robin Hood Foundation, in a statement. "Robin Hood has already begun granting the funds for Sandy relief. We are continuing to raise funds through various ongoing sales opportunities and donations and we urge people to continue to contribute."

Organizers haven't announced the total amount of money made, but event producers called it "the largest concert event to ever hit the stage at Madison Square Garden."