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.
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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.