Central Park getting $100 million gift

NEW YORK, Oct. 23 (UPI) -- A New York billionaire is giving $100 million to an organization that manages the city's famous Central Park, city officials say.

It's believed to be largest gift ever received by the Central Park Conservancy, the New York Post reported.

John Paulson, 56, was to meet with Mayor Michael Bloomberg Tuesday to announce the donation.

In a statement, Paulson called Central Park "one of the most important cultural institutions in New York."

Paulson made $4 million in 2007 by correctly anticipating the collapse of the housing market.

The conservancy is a non-profit organization that has managed the 843-acre park since 1980.