Group makes deal to buy land near Hollywood sign

By JACOB ADELMAN, Associated Press Writer Jacob Adelman, Associated Press Writer – Tue Feb 9, 1:52 am ET

Trust For Public Land president Will Rogers said the group secured an option to buy the rugged 138-acre parcel known as Cahuenga Peak for about $12 million from Chicago area-based Fox River Financial Resources.

"The real estate meltdown has brought a number of properties that should never have been developed back onto the market at very favorable prices," Rogers said.

Fox River did not answer a call seeking comment. Real estate agent Ernie Carswell, who had been handling the property, did not return a message.

If it succeeds, the group intends to transfer the land to the city of Los Angeles, so it can be incorporated into the adjacent 4,200-acre Griffith Park.

Most hikers and residents assumed the land was part of Griffith Park until Fox River quietly purchased the peak from Hughes‘ estate in 2002 and had the property zoned into four palatial home sites.

But city officials and many residents said that building homes on the peak would ruin one of the city‘s most famous views.

The money already raised for the land‘s purchase come from city and state park funds, as well as private donors, including a $1 million contribution from jeweler Tiffany & Co.‘s philanthropic foundation.

The Trust plans to kick off the final stage of fundraising at a press conference Thursday in Hollywood, spokesman Tim Ahern said.

If the group fails to raise the final $6 million before April 14, the property will go back for sale on the open market.

"There‘s always a concern when you have a deadline," Rogers said. "I‘m optimistic, but there‘s always that chance."



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