Money Matters, Simplified.
Hugh Hefner saves “Hollywood's Eiffel Tower”
by Samia Sehgal - April 27, 2010 - comments
Hugh Hefner, 84, became the hero of Hollywood by offering the money to save the famous signpost
Hugh Hefner came to the rescue of the prominent Hollywood sign, which was on the verge of demolition. Hefner donated the final $900,000 to protect the 138-acre site around the sign from being sold.
For California governor Arnold Schwarzenegger it was “the Hollywood ending we hoped for”.
“It's a symbol of dreams and opportunity,” he said. “The Hollywood sign will welcome dreamers, artists and Austrian bodybuilders for generations to come.”
The famous Hollywood sign
The 45- ft long sign is built in the Hollywood Hills area of Mount Lee in Los Angeles, California.
Originally spelled as ‘Hollywoodland’, the famous sign was built in 1923 to advertise for the area; it was changed to ‘Hollywood’ in 1949. It was neglected for many years, and had become rather conked out when they took notice and tried to rebuild it with superior material in 1978.
Back then, Hefner was also among the patrons, who had donated funds to restore the iconic sign.
The iconic sign is worth preserving
“It would have been a real shame after having restored it if it wound up sold,” Hefner told PEOPLE at the Hollywood premiere of Iron Man 2 on Monday. “It's become something iconic and represents not only the town but represents Hollywood dreams, and I think that's something worth preserving.”
The Hollywood sign is Hollywood's Eiffel Tower and I'm pleased to help preserve such an important cultural landmark – Hugh Hefner
Once owned by Howard Hughes, the hillside had been on the target of developers for sometime as reportedly they wanted to build grand mansions on the land.
Hefner becomes Hollywood’s hero
An NPO called Public Trust For Lands initiated a campaign to acquire the site known as Cahuenga Peak. They were offered to purchase the land for $12.5 million, but the site was looking to be at risk as the non-profit group was falling short by almost $1 million and the Apr. 30 deadline was only a few days away.
That’s when Hefner, 84, became the hero of Hollywood by offering the money to save the famous signpost. The Playboy founder said he was aware of the financial concerns of the group but had only learnt recently that they were running out of time.
“My childhood dreams and fantasies came from the movies, and the images created in Hollywood had a major influence on my life and Playboy. The Hollywood sign is Hollywood's Eiffel Tower and I'm pleased to help preserve such an important cultural landmark,” Hefner said.