If you've always wanted to live near the "H" of the Hollywood sign, scrap together your savings because a big parcel of land--139 acres--just went on sale today. A group of Chicago investors is asking $22 million for the land, and oh, they bought the acreage in 2002 for $1,675,000. Don't expect the city to be happy about condos going up in our hills. Via the IHT:
"Two years ago, city officials and conservationists tried unsuccessfully to raise money to buy the property to make the peak a part of Griffith Park. Councilman Tom LaBonge, who led the fundraising, said building homes on the peak would ruin one of the city's most famous views. "That mountain should not be cluttered," LaBonge told the Los Angeles Times. "It's good for the psyche of Los Angeles." The LA Times reports the 138-acre property is zoned for five luxury homes and one of the investors tells the paper: "It could be used for one large home or a family compound." Why do we feel like this will end badly.
· Mountaintop property close to famous Hollywood sign headed for real estate market [IHT]
· Homes could rise on ridge near Hollywood sign [LA Times]