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Breaking News the Hollywood sign has disappeared!

Posted on Feb 14, 2010 by in Active Rain | 0 comments

Breaking News the Hollywood sign has disappeared!

 Breaking News, the Hollywood sign has disappeared! The Iconic Historic Landmark has been taken over. Reuters, LA Times, and NYDailyNews.com every one has been covering it. In the shadow of the Winter Olympics quietly the Hollywood Sign has been hijacked. Look at the pictures before and after!

 So what is going on?  A picture is worth a thousand words has been said many time. In this case you need a thousand words to clarify it. There is a lot of what I consider marketing gimmicks going on.

 

After Photo:

Today the sign says “Save the Peak”

The “Trust for Public Land” is trying to do a grassroots effort to raise millions of dollars so they can buy the 138 acre ridge which is behind the Iconic Hollywood Sign. They took out an option to buy the land for $12.5 million a while back and the Option is about to expire and they are still short by about $5-$6 million depending which source you listen to.

 The listing history is interesting at one point “Cahuenga Peak” was owned by Howard Hughes. Legend has it that it was going to be a house for Ginger Rogers….(the relationship went south and the house was never built) Then a Coffee Magnate from Illinois acquired the land and then it was passed on to an Investment/ Development Group.

 They in turn, according to sources acquired the land for about $1.5-$1.7 million (depending which source you take). The public records show one third of that amount….

 Any way February 2008 the 5,232, sq ft of Ridge known as Cahuenga Peak was listed by a fellow Realtor for $22 million. It was marketed for about 367 days and then the listing was never renewed.

 So is there really a fear that the Sign will be torn down? I do not believe it. The Hollywood Sign is a Destination for every tourist from the globe. Will the neighborhood allow it? NO! Is it worth $12.5 million to be 100% sure that there will not be five mega mansions? Maybe!  LA has a strong Hillside Ordinance to build anything there is a rigorous and very restrictive approval process one has to go thru. I do not believe that Los Angeles will allow anyone to tear down a Tourist Destination Landmark just so five mansions could be built. What do you think?

 If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

  

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