On Wednesday morning, Los Angeles City Councilmember Tom LaBonge, 4th District, and officials from the Trust for Public Land (TPL) announced that the deadline to raise the $12.5 million needed to purchase the Cahuenga Peak property adjacent to the Hollywood Sign had been extended to April 3o.
April 14 had been the original deadline for the deal to buy the property from the group of Chicago-based investors that currently own it. The TPL campaign had raised only $11 million, but negotiated another 16 days to raise the additional funds.
“We need to raise a total of $12.5 million and today we’re at $11.5 million,” said Will Rogers, TPL president. “Our deadline was originally set for today, but we have just secured an extension of that deadline.”
Over the past eight years, LaBonge set aside $4.3 million in public park funding to purchase the land. Last year, he set up a partnership with TPL to raise the rest of the $12.5 million. If the campaign is successful, the land will be incorporated into Griffith Park.
Philanthropist Aileen Getty and the Tiffany & Co. Foundation President Fernanda Kellogg announced they will each donate $250,000 more as a challenge grant, which TPL will receive only if it raises an additional $1 million. Ms. Getty and the Tiffany Foundation had each previously donated $1 million to the cause.
“We’re looking for people who want to be big stars in Hollywood by helping to save the peak,” LaBonge said. “Thank you to everyone who is helping us preserve this natural hillside for the future of Los Angeles. We’ve almost reached our goal and we know we’re going to get there.”
The total of $11 million raised includes gifts and pledges. For more information, visit www.savehollywoodland.org.
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