UPDATE: Arcadia to Get Statue of Elias 'Lucky' Baldwin

The great, great granddaughter of Arcadia founder Elias "Lucky" Baldwin will donate a bronze statue of the flashy businessman and city founder.

Margaux Viera, 34, of Pasadena will commission the statue, and the unanimously agreed Tuesday to cover the costs of a pedestal, base, lighting and other accoutrements up to $25,000. It will also be responsible for maintaining the statue.

Arcadia has a trust fund for public art, established by Westfield as part of the deal the firm struck with the city to expand the in 2005. The money for the city's portion of the statue will come from this fund.

"Everyone involved will be very pleased with the results," Viera said. "This will be a great asset to the city."

Southern California-based artist Alfred Paredes will design the statue, which will will stand approximately 9-foot-tall and be mounted on a 4-foot-tall pedestal in the rose garden. The statue will cost in the neighborhood of 60,000, Veira said.

Baldwin, for whom one of the city's major thoroughfares is named, will forever remain one of Arcadia's larger-than-life historical figures. The four-times-married Baldwin struck it rich with investments in the Ophir mine and bought up 63,000 acres of land where the communities of Arcadia and Monrovia now stand.

He founded , racing his thoroughbreds under the banner of Santa Anita Stable. The brother of a woman to whom Baldwin had a failed engagement shot the businessman.

The 81-year-old Baldwin died of his wounds at his Arcadia ranch.