KTTV is reporting that the Trust for Public Land now has an option to purchase the RKO property! If true, it doesn't make a lot of sense that they would change the Hollywood Sign to read "FOR SALE", but that was the information we received yesterday.
We hope that TPL does have the option and that the extortion price of $22 mill the mob from Chicago was trying to get from Los Angeles is nowhere near the price the TPL has optioned.
This Thursday the Hollywood Sign will temporarily disappear, but don't panic. So says Tom LaBonge's office, anyway.
The Trust For Public Land is hijacking the historic sign temporarily to call attention to the fact that the RKO property on Cahuenga Peak is still in serious danger of becoming a housing development.
Word on the street is that the iconic sign will reappear as a FOR SALE sign of some kind a short time later. The TPL will be doing a series of press events in conjunction with the unveiling.
Seems to us at GPW that a FOR SALE sign pretty much signifies what's happening with the entire City of Los Angeles.