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Hollywood sign supporters get 16 more days to raise funds to buy nearby land

April 14, 2010 |  9:22 am

Hollywood
Preservationists fighting to protect 138-acres of land near the Hollywood sign have been granted a reprieve.

They will have 16 more days to raise the $12.5 million needed to purchase the land from a group of Chicago investors. The deadline for the sale was Wednesday, but the owners agreed to extend it until April 30, according to Los Angeles City Council Member Tom LaBonge.

The owners, Fox River Financial Resources Inc., bought the land from Howard Hughes' estate in 2002 for $1.7 million. They put it up for sale two years ago. The property is zoned to build four luxury homes.

LaBonge said $11 million has already been raised, and $1.5 million is still needed to purchase land. Two donors stepped forward Wednesday to help the effort.

Philanthropist Aileen Getty and the Tiffany & Co. Foundation said they would donate a $500,000 matching grant if the community raised $1 million. Getty and the Tiffany Foundation each previously donated $1 million to the campaign.

Over the weekend, supporters held a fundraiser at Lake Hollywood Park.

-- Kate Linthicum

Photo: Los Angeles City Councilmember Tom LaBonge conducts an interview for a media outlet following a press conference with officials from the Trust for Public Land. Credit: Al Seib / Los Angeles Times

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