Environmental activists are promoting a campaign to raise $5.5 million to help buy the land around the landmark to prevent it from becoming the site of a residential development.
The sign itself is owned by the city of Los Angeles, but the 138-acre property around it belongs to a group of Chicago-based investors who acquired rights to build four luxury mansions along the ridgeline.
The developers have an option to sell five huge lots for big homes or to sell it to the Trust for Public Land and make it a park.
For over 85 years, the land has traded hands at bargain basement prices. Now, the cost is set at $12.5 million.
The Trust for Public Land has raised $7 million so far, but they are $5.5 million short, and they have only two more months to raise it.
"I think situation is really that the speculators that bought it figure they've got the city over a hump, so they are asking for a lot of money," said Steve Grant, a Hollywood resident. "Who knows if they are going to get it all."
The sign has often been a target for pranksters, but this time, the city is supporting the alteration. City officials want the land preserved, along with many residents.
"I think it is a great idea. It should be all natural and kept as it is," said Olga Rothenbecker, an Echo Park resident.
"It is the face of Los Angeles and you would not want to lose that," said Maria Elena Flores, a Harbor City resident. "To have houses around it would completely destroy it."
If the group fails to raise the money before April 14, the property will go back for sale on the open market.