Interesting and topical question. Last week the land around the Hollywood sign was sold to Los Angeles, and this was in large part to Hugh Heffner who donated $900,000 toward the $12.5 million needed.
This land once belonged to Howard Huges, but was sold to a group of Chicago investors in 2002, who decided recently to sell the land as 5 parcels for luxury homes. Fortunately enough money was raised and the land around the sign will remain un-developed. So, now the city of Los Angeles will own and be responsible for this land as it is part of griffith park.
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