(CNN) – President Barack Obama will only have to travel four blocks to his campaign fundraiser in Washington Wednesday, but the event will boost his reelection bid's coffers by nearly $900,000.
A campaign aide said the evening event, held at the Jefferson Hotel, would be attended by 25 supporters paying $35,800 per ticket. That's the legal limit an individual is allowed to contribute to a campaign per cycle and to a party committee per year.
Proceeds from the fundraiser will go to the Obama Victory Fund, a joint fundraising committee of Obama for America, the Democratic National Committee and several state Democratic parties.
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Last week Obama's reelection team filed fundraising records with the Federal Election Commission showing they, combined with the Democratic National Committee, had raised $53 million in March, an increase of $8 million from the month before.
In total, Obama's team has just over $104 million cash on hand, a ten-to-one advantage over likely GOP nominee Mitt Romney.
All together, Obama's campaign and the Obama Victory Fund have raised a combined $291 million through March 30.
CNN Political Editor Paul Steinhauser contributed to this report.