Associated Press | The Hollywood sign has been spared from urban
sprawl and will stand unobscured to welcome future actors, writers and
Austrian bodybuilders, Gov. Arnold Schwarzenegger said Monday.
The actor-turned politician said a $900,000 donation by Playboy founder
Hugh Hefner and a $500,000 matching grant capped a $12.5 million
fundraising drive to protect 138 acres (56 hectares) near the famous
sign from the development of luxury estates. Schwarzenegger called it “the Hollywood ending we hoped for.”
“It’s a symbol of dreams and opportunity,” he said. “The Hollywood sign will welcome dreamers, artists and Austrian bodybuilders for generations to come.”
The governor praised the public and private partnership that raised the money to keep the property out of the hands of developers.
The Trust for Public Land conservation group raised $6.7 million in private funds, the state offered $3.1 million, and local funds totaled $2.7 million.
Hefner, who calls the sign “Hollywood’s Eiffel Tower,” put the effort over the top.
“My childhood dreams and fantasies came from the movies, and the images created in Hollywood had a major influence on my life and Playboy,” Hefner said.
Schwarzenegger said private donations came from all 50 states, 10 foreign countries and a number of individuals, including J. Paul Getty heir Aileen Getty, Steven Spielberg and Tom Hanks.
The hilltop property known as Cahuenga Peak features a 360-degree panorama of Los Angeles and the San Fernando Valley.
It was originally purchased in 1940 by Howard Hughes, who wanted to build a home for his then-girlfriend Ginger Rogers.
But the relationship ended, and the Hughes estate sold the property in 2002 for $1.7 million to the Chicago-based investment group Fox River Financial Resources Inc.
It was put on the market again two years ago for $22 million, but the Trust for Public Land negotiated a lower price.
Wildlife Conservation Board executive director John Donnelly said the permanent protection of Cahuenga Peak is a significant addition to the city’s Griffith Park and will enhance wildlife corridors throughout the region.
$900K to replace a bunch of plastic letters (which used to be plywood? Why is it that everything in this town is totally out of touch with reality.
What a sad use of human generousity this is.
JimBob – The cost was more than 900k for some plastic letters – according to the article the 138 acre property is also a park where residents and visitors can hike up to see the panoramic view of Los Angeles. Personally I don’t see the appeal, however, I do find it refreshing that we have a simple symbol of what Hollywood stood for in the past and possibly still stands for now. If you have a dream, go for it, that’s what this town is about! Not everyone makes it and not everyone ends with a great Hollywood story to tell but that’s the reality of the American dream!
Ironic isn’t it …
The situation on how the Hollywood sign came to need funds is where the generosity issue begins – the original generosity should have come from Fox River Financial Resources Inc. that purchased the property for 1.7 million back in 2002 and then put it back on the market again at 22 million. Based solely on this article, Fox River Financial Resources Inc. lowered the price to 12.5 million so private, state, and local funds could be raised in order to save the Hollywood sign and surrounding acreage for the park. It seems to me that Fox River Financial Resources Inc. could have reassigned the park over to The Trust for Public Land conservation group for the same amount they purchased it for back in 2002. A quick exchange of hands for 1.7 million – no one makes money, no one loses money, but the city retains its symbol of opportunity.
Of course, at this point I can also say the rally of rich and famous people offering their money to save a symbol of their own dreams only adds dazzle and allure to the sign and it’s history. Some may like it even more now