The land around the Hollywood Sign will be turned into residential development unless $3 million is raised by a conservation group in the next three weeks. Although the actual Hollywood Sign is owned by the city, the 138 acres of land around it belongs to investors.
The Chicago-based investors previously planned to charge $22 million to sell it to real estate developers, but struck a deal with Trust for Public Land to give it up for $12.5 million. The agreement with the nonprofit group says that they must have the money before April 14.
The trust has collected $9.5 million, said City Councilman Tom LaBonge. The money has come from several sources:
• $4 million from public funds
o $1.7 from the city’s department of Recreation and Parks and Public Works
• $5.5 from private donors, including:
o Academy of Motion Picture Arts and Sciences
o Movie and television companies
o Local community organizations
o Celebrities such as Steven Spielberg, Tom Hanks and Rita Wilson
The trust wants to protect the native chaparral and animals inhabiting the property around the Hollywood sign, said Tim Ahern of the Trust for Public Land. Last month, the sign was draped with a banner that read “Save the Peak”.
