The relationship between real estate and the Hollywood Sign is as old as, well, the sign itself. Built in 1923 as a promotional billboard to attract buyers to make their homes in the hills of the burgeoning Hollywood community, the sign that once read “HOLLYWOODLAND” has become one of the most iconic landmarks in LA. Now real estate and the sign have a new possibility: 138 acres of land once owned by Howard Hughes that sits west of the “H” in the sign is up for sale for a cool $22 million.
The area, known as Cahuenga Peak, is zoned for five luxury homes. City officials are not happy with the land going on the market, nor its new exorbitant price tag. They had hoped the City could get a hold of the land as they feel that the hillside should not be cluttered and that the land is good for the psyche of Los Angeles. City leaders have been working on raising funds to buy the land, and have so far gathered approximately $5 million, but, considering the asking price as announced today, that’s nowhere near enough
So while realtors wait in anticipation of inking million-dollar deals, others wait with heavy hearts.