The truth about high cholesterol is coming out. It will come out as in the article referenced here.
The doctor who did this study looked at a number of people who were 70 or older, and after several years, went back to see how many of them had died of heart disease. He found that those elderly people who had high cholesterol had no significantly higher rate of death from heart disease than those with low cholesterol -- thus the myth is debunked.
Results
Of the 997 subjects, 16% of the men and 34% of women had a cholesterol level greater that 240 mg/dl at baseline in 1988. The mean age of the cohort was 79 years. There was no association between total cholesterol levels and the incidence of myocardial infarction, unstable angina, coronary heart disease mortality, or all-cause mortality.