WATCH: Dr. Dre And Jimmy Iovine Open Their $70 Million Academy At USC

(AllHipHop News) Dr. Dre and Jimmy Iovine have officially opened the new permanent home of their University Of Southern California (USC) arts and technology academy.

The legendary musicians endowed the USC with $70 million to create the Jimmy Iovine and Andre Young (Dre’s real name) Academy back in 2013 and announced they had found a permanent site in Los Angeles four years later.

On Wednesday, the pair officially opened Iovine and Young Hall, where students can earn a unique degree in arts, technology and the business of innovation.

The new building is a three-floor, 40,000-square-foot institution on the USC campus.

The producer and record executive, who has worked with the likes of Bruce Springsteen, Patti Smith, and U2, teamed up with Dre to help him run Death Row Records in the early 1990s, and they later founded Beats Electronics in 2006.

Their firm was bought by Apple eight years later for more than $3 billion in money that they have now channeled into an academy they hope will produce the moguls of the future.

Iovine also said that as he “retired” from his role as an Apple executive – taking a step back to work as a consultant, he would be “really involved” in overseeing students’ studies at the new arts and business school.