IAC chairman and senior executive Barry Diller and his wife Diane von Furstenberg are considering funding a $25 million to $30 million gondola that would transport tourists to the Hollywood sign, Variety reports.
The pair donated $35 million to New York's High Line, according to Variety, which transformed an elevated railroad track into a park and walkway in Manhattan. Von Furstenberg's son Alexander, an investor and director of the Diller-von Furstenberg Family Foundation, is leading the project, sources familiar with the talks told Variety.
"Mr. von Furstenberg and the Family are interested in a number of projects to make the Hollywood Sign more accessible – in line with our family's interest in public art and public spaces," Diller said in an emailed statement to CNBC.
The project would require approval from David Ryu, the councilman who represents Hollywood. His office has had discussions with representatives of Alexander von Furstenberg and suggested gaining support from nearby neighborhood groups, Variety reports.
"There's nothing definitive at this point. It's just an idea," Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, told Variety, saying the group supports the idea. "If you had a gondola coupled with a visitor center, we think something like that would truly work to get people out of the neighborhoods."