It Used To Be Called Hollywoodland

As this photo from the 1920's shows, the famous landmark originally had more to offer by way of 4 extra letters. Constructed in 1923 at a cost of $21,000, the sign was meant to advertise Hollywoodland, a new, upscale housing development near the center of the Hollywood district. Originally built of poles, pipes & wires and incorporating 4,000 20-watt lightbulbs, the flashing banner was expected to only last a year.  

Via: hollywoodsign.org

The sign quickly became a landmark, rising in popularity while succumbing to neglect.  By 1949, the sign was scheduled for a large repair and makeover by the City of Los Angeles, which included the removal of the "land", resulting in "Hollywood".

Via: hollywoodsign.org

The sign deteriorated further until 1978, when it was demolished and rebuilt over 3 months, at a cost of $250,000. With the public unveiling, the sign's appearance and dimensions have remained largely the same, with refurbishing as needed.

Via: hollywoodsign.org

Sidenote:  There was another unofficial and less publicized remodeling performed by a Mr. Danny Finegood, Jan 1, 1976.. The day California's relaxed marijuana law took effect:

Via: hollywoodsign.org