The iconic sign will still be standing, thanks to the market crumble.
Because no one would pay for the land, the Hollywood sign is saved.
In a recent report by CNNMoney.com, Tinseltown had its humongous historic letters saved from getting a background of posh apartments. The report states, “Two years ago, the plot was put on the market for $22 million but didn’t sell. There was a lot of interest, however, and the Trust (for Public Lands) wondered if it could raise the funds needed to save the land—and the view of the Hollywood sign… The land being purchased is on Cahuenga Peak in the Santa Monica Mountains, and was once owned by Howard Hughes. In the 1930s he wanted to build a home there for his then-object of affection, movie star Ginger Rogers. That relationship soured, but Hughes kept the land and it remained in his estate until selling in 2002 for $1.675 million. The top of the peak commands a view over practically all Los Angeles and the San Fernando Valley. The Trust intends to buy the land and give the deed to the city so it can combine the property with nearby massive Griffith Park.”
The Save Cahuenga Peak Movement has already covered the giant letters with “SAVE THE PEAK” – an appropriate message for the contested area. Celebrities have already pledged their financial support and jewelry maker Tiffany & Co. is also doing the same.
Here’s an interesting fact from the New York Times, “In a tiny quirk of fate, the Hollywood sign was erected in 1923 as an advertisement for Harry Chandler’s Hollywoodland housing project. Perhaps presaging the ensuing decades of billboard wars in Los Angeles that continue to pit those with things to sell against those who do not want to look at their billboards, the Hollywood sign was considered quite large — 13 letters, each roughly 30 feet wide and 50 feet tall and illuminated to flicker in the night.”
Should these 13 letters become part of faded history then? I suppose not. We’ll be trashing a significant piece of American history when the housing development pushes through. In fact, I could never imagine descending on an aircraft without finding the Hollywood sign on the mountain.
In my opinion, the Chicago investors who put up the land for sale two years ago (but no takers were present), should do the country a favor by evaluating their business decisions much better. After all, real business doesn’t revolve around profits all the time.