What could be called as an ironic twist of fate, the sign of Hollywood at the Hollywood hills, which have become a landmark in Los Angeles may soon be removed, if the City of Los Angeles does not find money to purchase the land it is installed upon. The land at Hollywood Hills on which it stands belongs to Chicago based investors who want to develop the hills as a luxury real estate area. In fact, the investors plan to sell that part of Hollywood Hills to luxury real estate investors for $22 million.
Now, Los Angeles authorities have been trying to raise funds in order to purchase that land. They are short of $3 Million, and I am beginning to wonder f the famous residents of Los Angeles cannot pitch in some amount of money, all of them. This would not only save the iconic Hollywood sign, but also make sure that everyone knows where Hollywood is and no one would have to “shine their lights on”, as Madonna says.
Steven Spielberg and Tom Hanks are among the celebrities who have come forward to donate. $4 million came from public funds, and $5.5 from those two actors, other celebrities and U.S. Academy of Motion Arts and Sciences. The investors have agreed to sell it for $12.5 million on a special consideration but the £3 million strangely seems elusive.