Gaga hands her prize money to charity.

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Thursday 11 October 4:55 p.m.

By Megan Slovak

Lady Gaga has handed the cash she received as part of the LennonOno Grant For Peace award to SIR ELTON JOHN's AIDS foundation.

The Poker Face star jetted to Iceland on Tuesday to be presented with the honour by John Lennon's widow Yoko Ono at the Imagine Peace Tower in Reykjavik, which was erected in memory of the Beatles legend in 2007.

After receiving the prize, which comes with a $50,000 cash sum to help a good cause, Gaga announced she would be donating the money to the Rocket Man's foundation to help those living with AIDS.

She says, "I will be donating this grant to the Elton John AIDS Foundation and I will be working closely with them to ensure that the money goes specifically to those orphans and disadvantaged youth in America born with HIV or AIDS."

Other recipients of this year's grants include the three members of Russian punk band Pussy Riot, who were jailed for two years after performing a protest song against President Vladimir Putin in a Moscow church earlier this year.