A donation worth around £900,000 from Mica Ertegun means work on the Edicule of the Tomb within the Church of the Holy Sepulchre can proceed, the World Monuments Fund (WMF) has announced.
Mica Ertegun, who is best known as the widow of Atlantic Records co-founder Ahmet Ertegun, said: "I am pleased to be the lead donor for the restoration of the Edicule and to help in the restoration of this sacred place of worship for people of many faiths."
The architect for the restoration, Theodossius Netropolis, told Premier: "The condition was very bad. There were people who [said] it is looking like an abandoned monument. So, the churches took the decision to collaborate together and to proceed for the restoration.
"We have a lot of materials transported from abroad; Italy, France, Greece. The progress of the project is difficult but we proceed very successfully until now.
"The value of the project is very high because it involves a lot of expertise, laboratory tests and transportation. The historical value of this monument is very high."
Theodossius Netropolis added the restoration work is set to begin in around 30 days time.
The rock-cut tomb believed to have been the burial place for Jesus Christ is enclosed in the Edicule, a small structure within the rotunda of the church.
Joshua David, President and CEO of WMF said: "We are grateful to our longstanding trustee, Mica Ertegun, for enabling us to be a part of the restoration of such an important monument."
The marble cladding of the landmark, which is located in the Christian quarter of the Old City of Jerusalem, needs to be removed and reattached, while a fracture in the original rock must be repaired.
His Beatitude Patriarch Theophilos III of Jerusalem said: "The resurrection of Christ from the tomb is the foundation of our faith, and Christians throughout the world revere this place for its spiritual importance.
"The restoration of the Edicule is of primary importance. We are grateful for Mrs. Ertegun's lead gift, which has allowed work to begin."
The current Edicule - the fourth structure to have been constructed to cover the tomb - was built in 1810.
Older ones were destroyed by fire, earthquake, and the Fatimid takeover of Jerusalem in 1009.
The Greek Orthodox, Catholic, and Armenian churches share custodianship of the Holy Sepulchre and are working together for its restoration.
The work is scheduled to be completed in Spring 2017.