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SkyTag offers $12.5 mil to Save the Peak

Industry heavyweights pitch in for Hollywood sign

SkyTag, the innovator of large scale Supermurals, will donate $12.5 million to purchase the 138 acres of land surrounding the Hollywood sign, also known as Cahuenga Peak. SkyTag’s offer gives the City of Los Angeles the funds needed to protect the landscape of the Peak from real estate development.

On Feb. 11, 2010, national land conservancy the Trust for Public Land (TPL) and councilmember Tom LaBonge launched a massive public fundraising campaign to purchase Cahuenga Peak and prevent real estate development on the land in close proximity to the sign. The Hollywood sign was covered with a 400-ft. supergraphic that read: ‘Save the Peak.’ Approximately $1 million was raised from that campaign.

TPL needed to raise the full amount of $12.5 million by April 14.

In the last month, Hollywood heavyweights have pitched in, raising a total of $9.45 mil. Supporters include AMPAS, CBS Corporation, The Entertainment Industry Foundation, Kathleen Kennedy and Frank Marshall, the Lucasfilm Foundation, NBC Universal, Sony Pictures Entertainment, Steven Spielberg, Twentieth Century Fox, Warner Bros. Entertainment Inc. and Time Warner Inc., the Walt Disney Company Foundation, Tom Hanks and Rita Wilson and Norman Lear.

In addition to support from the Hollywood community, Aileen Getty and The Tiffany & Co. Foundation have each donated $1 million.

Gov. Arnold Schwarzenegger said, “We need to protect this land and this view of the Hollywood Sign. The sign is a vital link to generations of Hollywood story-tellers. As governor, I have made land conservation a priority and we need to add this land behind the Hollywood Sign to the list of special places we have protected in California.”

The land was originally purchased by industrialist Howard Hughes in 1940, to build a home for actress Ginger Rogers. But the relationship between the two fell apart and after Hughes died, his estate sold the property in 2002 to a group of Chicago investors. They put the property on the market two years ago for $22 million. It is zoned to build four luxury homes.

Related:
Hollywood sign has a new message

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