Move to save Hollywood sign land
Tuesday February 09 2010
A US nature conservation group said it has reached a deal that would protect land above the world-famous Hollywood sign from being developed into luxury homes.
Trust For Public Lands president Will Rogers said the group secured an option to buy the rugged 138-acre parcel of land known as Cahuenga Peak for about 12 million US dollars (£7.7 million) from Chicago area-based Fox River Financial Resources.
The consortium put the land on the market two years ago for some 22 million dollars (£14.1 million).
"The real estate meltdown has brought a number of properties that should never have been developed back onto the market at very favourable prices," Mr Rogers said.
But, he added: "Not everything that we're seeing is as iconic as Cahuenga Peak, being the backdrop to the Hollywood sign".
