updated 12/24/2008 10:43:50 AM ET 2008-12-24T15:43:50

A holiday tradition continues on Los Angeles' Skid Row.

The so-called "Eldorado Elf" has again handed out $10 bills to people at The Midnight Mission shelter, giving away an estimated total of about $13,000 yesterday. The elf calls it the highlight of his year.

The tradition started with car dealer Robert Moran, known as the Cadillac Santa, in the early 1980s. When Moran died in 1992, his friend and attorney took over. That person, known only as Bill, showed up in a Cadillac Eldorado -- and thus was born the Eldorado Elf.

The elf admits he's among those hit by the slumping economy, but argues things aren't nearly as bad for him as they are for the homeless.

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