[ The Trust's mock-up of what the Hollywood sign would look like if homes went up nearby]
Remember how Teles Properties broker Ernie Carswell, who represents that $22 million listing near the Hollywood sign, told us last month that there was a potential purchaser who had negotiated a one-year due diligence term on the land? Well, it turns out that the potential purchaser is none other than the Trust for Public Land (TPL), a national, nonprofit land conservation. The group amped up efforts in the last year to buy the land from that group of Chicago investors, who famously purchased the 139-acre plot for $1.675 million in 2002. Yesterday, we spoke with Sam Hodder, Director of The Trust for Public Land’s California office. According to Hodder, the Trust has negotiated to buy the land for roughly $12 million, a big drop from that $22 million price. "They've negotiated in good faith and are willing to work with us," said Hodder of the sellers.
To date, the Trust has raised roughly $7 million, so need just $4.3 million to buy the land, which would be turned over to Griffith Park. But the Trust's one-year-contract with those Chicago sellers is about to expire in April, so the group has two months left to raise the money. So they've launched a web site to solicit donations to buy the land. Meanwhile, there's a press conference planned this morning. The press conference was planned for Thursday and the media was under an embargo, but then LAPD ruined everything by sending out a press announcement warning everyone not to be alarmed when the Hollywood sign was covered up on Thursday. Meanwhile, the Trust released this rendering showing what the sign would like if homes went up in the area. And here's the crazy listing for the land.
· $22 Million Land Still Available [Curbed LA]
·; LAPD Spoil Surprise Stunt to Cover Up Hollywood Sign [MY FOX]