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The Real Estate of Hollywood(land)

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Photo by manmadepants via the LAist Featured Photos pool on Flickr

The relationship between real estate and the Hollywood Sign is as old as, well, the sign itself. Built in 1923 as a promotional billboard to attract buyers to make their homes in the hills of the burgeoning Hollywood community, the sign that once read "HOLLYWOODLAND" has become one of the most iconic landmarks in LA. Now real estate and the sign have a new possibility: 138 acres of land once owned by Howard Hughes that sits west of the "H" in the sign is up for sale for a cool $22 million.

The area, known as Cahuenga Peak, is " zoned for five luxury homes" explains today's LA Times. The land was purchased in 1940 by Hughes "with plans to build a love nest for actress Ginger Rogers" who wasn't too keen on his notion, fearing he might tuck her too tightly into her prospective hilltop palace. The land remained a part of Hughes' estate until 2002, when "Fox River Financial Resources acquired the mountaintop [...] for $1.675 million."

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But city officials, like Councilman Tom LaBonge, are not happy with the land going on the market, nor its exorbitant price tag.