Clooney's Obama Fundraiser Expected to Collect Record $12 Million (Exclusive)

President Barack Obama
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President Obama addresses the 2011 dinner crowd.

Campaign sources say the May 10 event will be the biggest in presidential election history. Obama returns to Southern California in June for another high-dollar fete, featuring a performance by Pink.

President Barack Obama's dinner with George Clooney has officially sold out, and campaign sources are telling The Hollywood Reporter that the event is expected to raise up to $12 million for the president's re-election bid, making it the biggest presidential fundraiser in U.S. history.

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One hundred fifty high rollers -- including Hollywood studio heads, celebrities and an array of entertainment industry execs -- have paid $40,000 apiece to dine with the president at Clooney's Studio City home May 10. DreamWorks Animation chief Jeffrey Katzenberg, the president's major entertainment industry fundraiser, has been spearheading the event along with Hollywood political consultant Andy Spahn.

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The packed dinner at Clooney's house will bring in $5 million to $6 million for the president's campaign coffers, sources told THR. The demand for tickets at the event was so great that organizers tried to limit the guest list to those living in Southern California.

The Obama campaign also has been conducting an online sweepstakes, with the winner to receive two seats at the head table with the chief executive and Clooney. Campaign sources tell THR that that tally of online donations could hit $6 million, bringing the total raised to about $12 million. The winner of the contest is expected to be announced in the coming days.

After the Clooney event, Obama is expected to be back in Los Angeles on June 6 for a LBGT gala. Pink is scheduled to perform at that event, organizers say, with donations ranging from $1,250 to $25,000.