Yes it's a real place! It's on Cuba Street in Wellington in New Zealand between the $2 shop and Farmers department store, and next to it there's a sculpture of a giant tuatara that someone drew teeth on with a black marker. It's where Blanket Man takes his baths, and apparently Elijah Wood pissed in it once.
drawn in 27 min
drawn in 1 min
oh, and http://www.bucketfountain.co.nz