138 acres of prime Southern California real estate…
By: Erika Kaufmann
Once owned by Howard Hughes, the Cahuenga Peak or the Hollywood Sign is receiving ample attention. The land was purchased in 2002 by a group of Chicago investors for $1.7 million. Last month, however, the group put the land back on the market, with an asking price of $22 million.
The land atop the 1,820-foot Cahuenga Peak consists of five legal lots that allow for construction of homes. Some people in Hollywood are understandably distraught at the pressing idea of mansions emerging around an indelible landmark. To slow the process, LA City councilman Tom LaBonge and other residents are now fighting to ensure that the land remain free of any other eyesores.
The problem, however, is the city cannot legally pay more than the assessed value of $6 million for the land. Therefore, LaBlonge is approaching independent investors in hopes to raise the needed funds.
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