<P> The original stonework was used to clad a new concrete structure . The reconstruction took slightly over three years and was completed in late 1971 . The bridge was not reconstructed over a river, but rather it was rebuilt on land in a position between the main part of the city and Pittsburgh Point, at that time a peninsula jutting into Lake Havasu . Once completed, the Bridgewater Channel Canal was dredged under the bridge and flooded, separating Pittsburgh Point from the city, creating an island . As a result, the bridge now traverses a navigable shortcut between the Thompson Bay part of Lake Havasu south of Pittsburgh Point, and the remainder of Lake Havasu to the north . </P> <P> After the bridge was reconstructed, prospective buyers of land were attracted to visit the bridge and take a tour of properties for sale . Land sales improved, and McCulloch recouped all his expenses on the purchase and shipping of the bridge . Since he had obtained the land at no cost, the sale of the properties paid for the bridge and more . Recent years have seen much development in the area of the bridge to increase tourist interest . The original "English Village", a quaint English - style open - air mall with hedge maze and historical museum deteriorated, with sections leveled . A revitalization of the English Village was undertaken by the Lake Havasu City Convention & Visitors Bureau . Condos were proposed in 2011 by the owner, Virtual Realty Enterprises . </P> <P> It is a popular rumor that the bridge was bought in the belief that it was London's more recognizable Tower Bridge, but this was ardently denied by McCulloch himself and by Ivan Luckin, who sold the bridge . </P> <P> American soft rock band Bread recorded a song called "London Bridge" on their first album Bread in 1969, when lead singer David Gates learned that London Bridge was sold and to be relocated in Lake Havasu City, Arizona . His thought at the time, according to the liner notes on Bread's album Retrospective was, "is nothing sacred anymore?" </P>

Who bought london bridge thinking it was tower bridge