In 1962, it was discovered that the London Bridge (in London, Great Britain) was "falling down," sinking into the Thames because it was not adequate for the increase in traffic. The City of London decided to put the 130-year old bridge up for auction, and construct a new one in its place. Robert P. McCulloch, founder of Lake Havasu City, AZ, submitted the winning bid for $2,460,000 in 1968. McCulloch spent another $7 million to move the London Bridge to Lake Havasu City which took a total of three years. The reconstructed London Bridge was dedicated in Lake Havasu City on October 10, 1971 with many British and Arizona officials participating in this event that drew 50,000 spectators.