NEW YORK (AP) — Francis Ford Coppola will receive the 50th AFI Life Achievement Award, the American Film Institute announced Tuesday.

Coppola, who recently released his long-in-development epic “Megalopolis,” will be presented with the award in a gala tribute at Los Angeles' Dolby Theatre on April 26. The 85-year-old filmmaker will be the 50th recipient of the award first handed out to John Ford in 1973.

“Francis Ford Coppola is a peerless artist — one who has created seminal works in the canon of American film, and has also inspired generations of filmmakers who now embody his artistry and his independent spirit,” said the producer Kathleen Kennedy, chair of the AFI board of trustees.

Coppola released “Megalopolis," a Roman epic set in modern-day New York, in September. The film, which first premiered at the Cannes Film Festival, drew mixed reviews from critics and flopped with audiences. Coppola, though, has maintained he was compelled to make “Megalopolis” as an artist, not as a businessman. He self-financed the film.

“Everyone’s so worried about money. I say: Give me less money and give me more friends,” Coppola told The Associated Press in an earlier interview. “Friends are valuable. Money is very fragile. You could have a million marks in Germany at the end of World War II and you wouldn’t be able to buy a loaf of bread.”

Last year's AFI honoree was Nicole Kidman. Other recent recipients include John Williams, Mel Brooks, Denzel Washington and Julie Andrews.