Hollywood sign still at demolition risk

London, March 26 (ANI): The iconic Hollywood sign in Beverley Hills is at the risk of being demolished.

Even though the sign is owned by the city, the property around it falls under the ownership of a group of Chicago-based investors.

Now, these investors have planned to sell the land to developers.

However, a conservation group still has a chance to save the sign by buying the plot around it for 12.5million dollars by 14 April.

And already 9.5million dollars have been raised thanks to contribution from people in the industry such as actor Tom Hanks and director Steven Spielberg.

"We feel good about where we are and we feel good about our chances to do this," the BBC News quoted Tim Ahern, from the Trust for Public Land, as saying.

Also, Los Angeles council member Tom LaBonge said: "We're getting closer to our goal and if we continue working hard, I know we'll reach it."

To raise awareness, banner reading "Save the Peak" was used to drape the sign.

The Hollywood sign was created in 1923 for publicity purpose of a real estate development called Hollywoodland.