Around 18,000 fans helped raise the six figure sum in what the hospice has described as its “biggest ever” fundraiser.
St Margaret's chief executive Jon Andrewes said: “We have spent the last few weeks completing all the final calculations and I'm delighted to announce that this single event has brought in a record amount.
“Looking back, the concert couldn't have gone any better! The atmosphere was fantastic, Rod Stewart gave a fabulous performance and even the weather was warm and dry.
“Plus, of course, we brought in a substantial sum to support our work.”
St Margaret's is the fourth largest hospice in the country, providing specialist care to 3,200 patients a year with progressive, life limiting illnesses in Somerset.
It costs more than £27,000 a day, or £10 million a year, to run the charity, and is wholly reliant on its shops, donations and fundraising.
Clinical director Ann Lee said: “This one helping has helped us to tell more people about what we do, and demystify hospice care.
“People are already asking us how we're going to top Rod Stewart. All I can say is, watch this space.”