United States President, Joe Biden, will hold a record-breaking fundraiser on Thursday in company of his proximate predecessors, Bill Clinton and Barack Obama, in New York City, his team recently announced.

This comes as preparation enters top gear ahead of the November presidential election. According to Mr Biden’s associates, the event is expected to raise over $25 million, a landmark figure, for the 81-year-old’s reelection campaign.

His campaign recently disclosed that it had up to $155 million to fund the potential second defeat of Republican former President Donald Trump, but this novel event is expected to even widen the financial gap between the two challengers.

The fundraiser will be held at Radio City Music Hall in Manhattan, featuring a conversation session with the three presidents moderated by popular TV host, Stephen Colbert and hosted by actress Mindy Kaling. There will also be music performances by Lizzo, Queen Latifah and Lea Michele.

Entry to the venue is ticket based which is priced between $225 and $500,000. Over 5000 attendees are expected at the event. Part of the initiatives to drive the funds include a picture with the three presidents for $100,000 shot by star photographer Annie Leibovitz.

The event will also be attended by Mr Biden’s son, Hunter, who has been in the news recently, and his wife, First Lady Jill Biden who will host an after party for about 500 guests.

The cash cards appear to be stacked against Mr Biden’s top challenger, Mr Trump, who, together with his political action committees, are projected to have a combined $ 74 million. The 77-year-old’s February boom earned him around $20 million, significantly less than what the Democrats are poised to earn this Thursday alone.

Mr Trump is also around the New York Area on Thursday, attending the wake of police officer Jonathan Diller, who was shot and killed while on duty.