THE FUN STUFF ABOUT REAL ESTATE... I JUST READ THIS CLIP AND WANTED TO PASS IT AROUND... 

Acreage near HOLLYWOOD goes up for sale
     (LOS ANGELES) - Real estate investors who own the land directly to the left of the famous HOLLYWOOD sign have sparked a citywide panic by putting the land up for sale for development.
     The investors purchased the 138-acre, sage-covered tract in 2002 from the estate of billionaire Howard Hughes for $1.7 million, and are offering it for sale for $22 million. The higher price may be justified, say insiders, because buried in the title documents was an unknown easement that allows the owner to put a road up to the acreage, know as Cahuenga Peak.
     Los Angeles citizens say the land should be left undeveloped so that when tourists look up at the mountain, all they see is the sign. The city owns the sign and acreage above it, below it and to the right of it.
     The sign originally was erected in 1923 to advertise real estate.

 

 
Posted by Wayne Tucker on 04/20/2008 09:57 PM   Comments (2)   fun real estate stuff  
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2 Comments on Hollywood

APR
20
2008
1,063,951 Points 12 Featured Posts Outside Blog
Wayne, I agree with the residents, aren't there enough homes in L.A.?  But then it isn't my land, it is an interesting problem.  Especially the easement!
10:18pm • #1
It would be sad to see this happen.  This is should be a National Landmark.  Hollywood is internationally known for being the center of the entertainment industry.  Do we want to lose that to another country?  I hope someone will intervene and make sure this doesn't happen. If the state of CA or Holllywood had been on their toes - they would have bought this land in 2002 instead of the investors!
11:37pm • #2


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Wayne Tucker

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