King announced last month that his foundation would match up to $70,000 if listeners of the three Bangor-area radio stations he owns donated that amount, for a total of $140,000.
Listeners donated $24,000, the Lerner Foundation pitched in $46,000 and the foundation kept its promise.
On-air personality Pat LaMarche says an anonymous Californian then promised another $50,000, if King matched it. The Maine native agreed, bringing the total to over $240,000.
King tells the Bangor Daily News he's "grateful" to everybody who helped.
The federal government told the state it should expect $23 million in heating oil assistance this winter, down from $55.6 million last winter.