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Effort To Save Land Around Hollywood Sign Gets Reprieve

The effort to save the land around the Hollywood sign from development got a 16-day reprieve today. Developers had given the Trust for Public Land, a nonprofit that plans to purchase the 138-acre plot for the people of L.A., a deadline of noon today. The group, however, was $1.5 million short of the $12.5 million asking price.

" ... Thanks to the cooperation of the landowners, we now have until April 30,'' said Trust president Will Rogers.

The goal line is actually even closer than the organization envisioned yesterday when it announced it was $2.9 million short: Aileen Getty and The Tiffany & Co. Foundation

announced a $500,000 matching grant that will leave the Trust only a half-million shy of its goal if it can come up with another 500K.

The owners had put up the property for $22 million at one point, but pulled it from the market after there were few if any takers. It agreed to sell to the Trust for a much lower price, although the organization contends it's paying market rate.

The owners had intended to build a few luxury homes on the site, and the Trust has marketed its quest as a drive to save the Hollywood sign ("Save the Peak") from unsightly development.

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