Selling the land by the HOLLYWOOD sign in LA for luxury homes..IS NOTHING SACRED?
Feb 9, 2010
February 9, 2010
Well… perhaps sacred is the wrong word, but the Hollywood sign in LA couldn’t be more iconic.
While the land was preserved for many years in Howard Hughes’ estate (the infamous industrialist), in 2002 Fox River purchased the property and listed it for $22 million.
BUT the Trust for Public Land has come to the rescue to save this coveted area. They have purchased an option to buy the land from Fox River for $12 million. The difference between the listing price of $22 million and the option price of $12 million indicates that Fox River acknowledges the intangible value of this site as well.
“The real estate meltdown has brought a number of properties that should never have been developed back onto the market at very favorable prices,” [the President of the Trust for Public Land] said. But, he added, “not everything that we’re seeing is as iconic as Cahuenga Peak, being the backdrop to the Hollywood sign.” Turn To 23
The Trust already raised $6 million and remains confident they will acquire the rest of the funds too. They plan on transferring the land to the city so that it can be incorporated into Griffiths Park and, hopefully, never seen on the private land market again.
So it looks as though the site will be preserved, thanks to the efforts of the Trust for Public Lands. Let’s all take a moment to consider what the Hollywood sign means to us. It’s not much in the greater scheme of things, but it’s making a statement that land CAN have intangible value. I, for one, am in favour.