Several years ago a scare broke out in Los Angeles that the hilltop area that currently houses the Hollywood sign would be opened up for real estate development. Residents and Hollywood-sign aficionados from everywhere were aghast at imagining their beloved marquee marred by condos and mansions. Likely few of them knew that the original sign was “Hollywoodland,” promoting an actual real estate development, and that it was lit up at night by sections: “Holly,” then “Wood,” then “Land” with a period.

On this day, July 13, in 1923, the “Hollywoodland” sign began operations, advertising Los Angeles Times publisher Harry Chandler’s “superb environment without excessive cost on the Hollywood side of the hills.”

As Hollywoodland died with the Great Depression, so did the sign, with the letters losing their luster to the elements, and the H falling off completely. The Hollywood city council took it upon themselves to repair the sign, but subtracted the “Land” part from it. Finances for restoration came from a surprising source: Hugh Hefner, who organized an “adopt a letter” party at the Playboy Mansion. Each letter went for $28,000.