The vocalists included Rickie Lee Jones, Bob Dylan and Joe Cocker.
The event was conceived by British impresario and producer Tony Hollingsworth who originally agreed to stage the concert as a co-production deal with Spanish state television RTVE.
But RTVE dropped out on the day the contract was due to be signed when the director-general (and film director) Pilar Miro Romero left the company.
They provided half the $7.2 million budget, with Hollingsworth raising the rest from television pre-sales.
RTVE bought the Spanish rights, but paid by providing television and radio airtime for advertising slots.