The song may say otherwise, but I assure you London Bridge is not falling down. I stood on it. If it can hold me up, I'm sure it's fine. But back in the early 1960's the bridge was falling down, unable to hold the increase in traffic over the previous 130 years. The City of London decided to put the 130-year-old, crumbling bridge up for auction. The founder of Lake Havasu, Arizona, Robert P. McCulloch, won the bid with a cool $2,460,000 in 1968. He then spent another $7 million to bring the London Bridge to Lake Havasu - brick by brick. It took three years, and it was then reassembled over Lake Havasu.