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Bukowski died of leukemia on March 9, 1994, in San Pedro, California, aged 73, shortly after completing his last novel, Pulp. The funeral rites, orchestrated by his widow, were conducted by Buddhist monks. An account of the proceedings can be found in Gerald Locklin's book Charles Bukowski: A Sure Bet. His gravestone reads: "Don't Try", a phrase which Bukowski uses in one of his poems, advising aspiring writers and poets about inspiration and creativity. Bukowski explained the phrase in a 1963 letter to John William Corrington: "Somebody at one of these places [...] asked me: "What do you do? How do you write, create?" You don't, I told them. You don't try. That's very important: not to try, either for Cadillacs, creation or immortality. You wait, and if nothing happens, you wait some more. It's like a bug high on the wall. You wait for it to come to you. When it gets close enough you reach out, slap out and kill it. Or if you like its looks you make a pet out of it."

In 2007 and 2008 there was a movement to save Bukowski's bungalow at 5124 De Longpre Ave. from destruction.The campaign was spearheaded by preservationist Lauren Everett. The cause was covered extensively in the local and international press, including a feature in Beatdom magazine, and was ultimately successful. The bungalow subsequently was listed as a Los Angeles Historic-Cultural Monument called Bukowski Court. The cause was criticized by some as cheapening Bukowski's "outsider" reputation.