The famous bronze U.S. Marine Corps War Memorial overlooking Washington that depicts Marines raising the American flag at Iwo Jima is turning green with age but will now be restored with a $5.37 million gift.

Philanthropist David Rubenstein is announcing Wednesday that he will give the National Park Foundation the funds needed to restore and improve the memorial and its plaza, landscaping and signage.

National Park Service Director Jonathan Jarvis says this will be the first comprehensive refurbishment of the Marine Corps memorial since it was dedicated by President Dwight D. Eisenhower in 1954.

Rubenstein is making the gift in honor of his father, a Marine who served in World War II.

The restoration project will also restore the memorial's engravings and improve handicapped access to the site.