On Wednesday (24.06.2015), Los Angeles' city council approved the film hub's latest tourist draw: A museum dedicated to the Oscars. The decision followed lengthy debates over the financing of the attraction, estimated to cost $300 million.

Now, the money has reportedly come together, in part thanks to celebrity sponsors like Steven Spielberg and George Lucas.

The building, designed by Italian star architect Renzo Piano, will be located on the campus on the Los Angeles County Museum of Art.

Construction is set to begin this summer and, if everything goes as planned, the museum will open its doors in late 2017. Then, film fans from all over the world can admire costumes, film posters, props and photos from some of Hollywood's most famous productions.

The Oscars were first present in 1929, so there will be plenty of history for the museum to draw from.

kbm/ (dpa, Oscar Academy)