The golden statue shows the disgraced producer sitting on a coach wearing a slightly opened bathrobe with an Oscar in his right hand. The placement of the figure is close to the Dolby Theatre, where the Academy Awards takes place.
According to ABC News, Los Angeles street artistes Plastic Jesus and Joshua "Ginger" Monroe collaborated on the sculpture.
Monroe was also behind the 2016 statue of a nude Donald Trump that appeared in multiple cities across the US.
"There's so much about Hollywood that's great and celebrated in the Oscars, but there's also this underbelly of darkness within the industry that we often sweep under the carpet or ignore," said Jesus.
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