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1.
When a person who has "made it" decides its necessary to reject his/her past because he/she is deemed "too good" for it now.

Usually characterized by trading in old friends for new friends, even though your old friends were always there for you before you made it big, distancing yourself from your roots, and turning into a conceited douchebag.
Ever since my best friend made it to the NFL he has gone hollywood, he changed his phone number and I haven't talked to him in nearly 6 months.
by dba415 December 08, 2010
 
2.
Usually a successful business person that takes their eye off their business to indulge in the good life.i.e hanging out with celebs and partying. This usually signals the beginning of the end of their business career.
John was a great ceo for many years but Im afraid he has gone hollywood now.
by JoJo Do May 02, 2008