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.