Land Around Hollywood Sign Up For Grabs
For sale: 138 acres of prime Southern California real estate. Site once owned by Howard Hughes and contains a fantastic view of the Hollywood sign.
In fact, the sign would literally be your front yard.
The Hollywood sign was originally built in 1923 to advertise a housing development in the hills below it. Over the years, it has become one of the city's most cherished icons.
Unbeknownst to most, the land - known officially as Cahuenga Peak - was purchased by a group of Chicago investors back in 2002 for $1.7 million. Last month, the group put the land back on the market, with the asking price of $22 million.
Needless to say, some people in Hollywood are not too happy at the thought of mcMansions popping up around their precious landmark like zits on a moviestar's face.
LA City councilman Tom LaBonge, along with several residents are now fighting to ensure that the land remain free of any other eyesores.
The city cannot legally pay more than the assessed value of $6 million for the land, so their hands our tied. However, LaBlonge is approaching independent investors in an idea to raise funds needed to purchase the land and prevent anything being built on, above, or around the sign.
"There is the Hollywood sign. There is the open space. And that's all there is. This is ours and it should remain ours," LaBlonge said.
We're sure that this controversy over the selling of the land will become more heated in the weeks and months to come. As always, stay tuned.
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