Cottesloe beach's iconic pylon is under threat after a community fundraising appeal to save the landmark continues to fall woefully short.

In the past eight months, the Town of Cottesloe has raised just $1200 from members of the public to help restore and save the heritage-listed pylon, according to Nine News Perth.

The town had previously stated it required $240,000 to complete the project, with Andrew 'Twiggy' Forrest's Minderoo Group promising to match community donations, dollar for dollar.

Nine News Perth reporter Elizabeth Creasy said, with funds already received, it brought the project's total tally to $2400.