p2pnet view Off Topic:- The Hollywood eyesore — sorry, sign — originally an advert for a 1923 real estate development called Hollywood — is in danger!

Investors want to build luxury houses on the site, says Perth Now.

But a ‘conservation’ group is trying to come up with $US3 million to reach the $US12.5 million ($A13.6 million) needed to keep things as they are.

The cash would be used to buy the “55ha parcel of rugged land surrounding the sign from a Chicago-based consortium that has acquired rights to build four luxury mansions along the ridgeline”, says the story.

“The investors sought to sell the property for $US22 million but agreed to the $US12.5 million price tag for the conservation group only if payment arrives by April 14″, it says.

The ‘trust’ has so far collected $US9.5 million — $US4 million from public funds, and the remainder from private donors including movie and television companies and Hollywood stars such as director Steven Spielberg and actor Tom Hanks, says the story, adding the sign itself is owned by the city of Los Angeles.

(Cheers, Filip)

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Perth Now – Conservation group has three weeks to save iconic Hollywood sign, March 25, 2010

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This entry was posted on Thursday, March 25th, 2010 at 11:36 am and is filed under Off Topic. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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