News

Hugh Hefner Donation Clinches Hollywood Sign’s Preservation

Playboy magnate makes $900,000 donation provides final step to keep surrounding land free of development.

Published

14 years ago

April 27, 2010

Wade Swormstedt Signs of the Times May 2010 Issue

The efforts of the Trust for Public Land (TPL) to save Cahuenga Peak, the 138-acre parcel of land that surrounds the iconic Hollywood Sign, culminated with a $900,000 donation by Playboy founder Hugh Hefner that enabled the group to accumulate the $12.5 million required to purchase the land from the current owners, a Chicago-based investment group. Although the city of Los Angeles owns the actual sign, Cahuenga Peak was privately owned and could have been sold to developers. The owners had nearly sold to the land developers for $22 million, but instead gave TPL the opportunity to buy the land for $12.5 million. The group had initially been given an April 14 deadline, but was granted an extension until April 30.

Now, the 45-ft.-tall sign, which has stood since 1923, will remain unobstructed — and an inspirational beacon to film buffs and aspiring actors alike.

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