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Going Like Sixty
Backyard Landmarks - Mansions Next to Hollywood Sign
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Up to five mega mansions may soon pop up on one of the most cherished symbols of shallowness. The park behind the famous Hollywood sign in L.A. is up for sale.
“A Chicago investment group said Tuesday that Los Angeles officials had failed to come up with the cash to preserve the mountaintop next to the iconic sign, so it has put the ridge up for sale,” the LA Times reported.
Is there nothing sacred anymore? Central Park next? Well no, because the city owns Central Park.
Cahuenga Peak is privately owned. An astute L.A. city representative noted that he thought the city already owned it. $22,000,000 obo.
"That mountain should not be cluttered," said L.A. Councilman Tom LaBonge. "It's good for the psyche of Los Angeles."
The 138-acre property is zoned for five luxury homes, according to investment group partner Keith Dickson. "It could be used for one large home or a family compound," he said.
Fox River Financial Resources acquired the mountaintop in 2002 from the estate of Howard Hughes for $1.675 million.
The eccentric tycoon had bought it in 1940 with plans to build a love nest for actress Ginger Rogers.
(latimes)
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Via: latimes
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