Los Angeles residents fear that the world famous Hollywood sign might be threatened by a real estate deal. The AP reports that an investment group that owns 138 acres above and to the left of the sign have put the land up for sale last month for $22 million. Some Los Angeles residents are afraid mansions will be built there, while others are afraid that billboard advertisements could be sold on the uncluttered hill.
The sign was first erected in 1923. The land was purchased by billionaire Howard Hughes in 1940, who owned the property until in 2002 Fox River Financial Resources, a Chicago investors who quietly purchased the peak from Hughes’ estate for $1.7 million. But the group had not put the property up for sale until recently. The real estate agent representing the property claims that “the parcel is farther away from the Hollywood sign than many people realize, and that at a distance, even a mansion would be a mere ’speck’ on the mountain.”
The City of Los Angeles, which owns the ground the sign stands on and the land on three sides of it, should be allowed to acquire the old Hughes property. However laws prohibit the city to legally pay more than $6 million, the price for which the property has most recently been appraised for. The councilman is hoping to talk conservation groups into buying the land or to ask Hollywood big wigs to chip in. Apparently in 1970s, Hugh Hefner, Alice Cooper and other celebrities paid $28,000 each to replace the Hollywood sign’s nine crumbling letters.
One thing is for sure, it would be a real shame if billboards or mansions were visible next to the iconic shot of the Hollywood sign.
Discuss: What should be done about this situation?
April 17th, 2008 at 2:19 pm
You can’t put housing there. That’s rediculous.
April 17th, 2008 at 2:21 pm
Expect a Starbucks to be constructed there.
April 17th, 2008 at 2:27 pm
I’m already in Escrow on the land. I’m going to install the old Disnelyand Skycab Gondola, which will connect to the Observatory. Only $10 roundtrip.
April 17th, 2008 at 2:32 pm
^ lol
I’ll give you 30 bucks if you can get Abe Vigoda to do the tour via bullhorn.
April 17th, 2008 at 2:46 pm
Shoot, I already made an offer for the tour to be done by Gilbert Godfrey.
April 17th, 2008 at 2:47 pm
the actors/actresses who have benefitted from what Hollywood offers should get together & put up the cash - then just let it stay as is. They are rich as hell, & it would be a noble gesture. Then again, as I’m typing this, I’m realizing there are far better causes that could use that kind of $.
I guess i just hope that one part of California could stay un-developed, especially, such an iconic place.
April 17th, 2008 at 2:59 pm
It’s their land, they can do what they want with it… besides, it’s time we all realized Hollywood is a joke… especially a stupid sign that serves no purpose whatsoever. Material things, historic crap, and all that jazz need to die out and move over for actual things that benefit and help this world. Stop protecting a dumb sign and worry about protecting human life, homeless, education, medical care… things that matter.
April 17th, 2008 at 3:25 pm
Tear down the sign.
April 17th, 2008 at 3:26 pm
No! I don’t want to see some sign saying “SHOP S-MART!” Or any other store on a billboard whenever I see the sign now. DON’T put property up there!!
I do have a cousin who lives near the base of the hill though. Effin sweet when I visited them
April 17th, 2008 at 3:35 pm
They should do a remake of the sign…in a font that is more in touch with 2008…quite fitting.
April 17th, 2008 at 3:58 pm
This is so typical of todays society….”Please,Please, could somebody else buy this so I can keep my view.” What ever happened to live and let live. If it was so important to preserve, the city should have been more proactive in knowing when the land became available in 2002.
April 17th, 2008 at 4:01 pm
This just in…Susan Sarandon and Tim Robbins just bought the land and are going to build a halfway house, slash orphanage, slash school for Darfur children. I’m sure you will hear about it at the next award show.
April 17th, 2008 at 5:19 pm
Wow, I can’t believe all of the sarcastic/negative response to this. What’s wrong with you folks; this is part of the movie industry’s history; it should be preserved and kept exactly the way it is. SAVE THE CLOCKTOWER… sorry, wrong landmark.
But seriously, does Los Angeles need more advertising and multi-million dollar houses & condos clogging up the city of angels? It’s bad enough there’s hardly any undeveloped land in the city as it is, but mucking up one of L.A.’s few landmarks, a landmark that is known to the entire world, is just plain stupid. orange cinema is right, some of the Hollywood elite should put down most, if not all of the $$$ to pay for something like this; not taxpayers.
I know I would personally like to see the “LAND” part of the sign back in 2023 to celebrate the 100th Anniversary of the sign.
April 17th, 2008 at 5:36 pm
Quenfis,
Sounds like you’re on the wrong website.
Drudge Report is that way –>
April 17th, 2008 at 10:32 pm
The sign is dated. It is time for an update anyways. People shouldnt look at the negative aspect here. Look at the plus side, we get rid of an old pointless sign.
April 17th, 2008 at 11:45 pm
Tear it down. Then make a floating Hollywood sign!!!!!
Besides Hollywood sucks. I know I live around there and hate going around there. It’s a dump unless you’re a rich bitch.
April 18th, 2008 at 8:59 am
Hollywood is DEAD. It used to be about movies, actors and directors. Today its about dumb trashy celebrity whores who are famous for having famous parents and/or making sex tapes, it’s about who has the biggest boobs and blondest hair, and who has the most famous parents.
Hollywood isn’t about movies anymore– it’s all about being FAMOUS FOR NOTHING!!!!!
Who cares about the sign. Hollywood is dead. Take the sign down already!