A 138-acre plot of land above L.A.'s iconic Hollywood sign is up for sale. Many in L.A. are protesting the sale, which could lead to the development of luxury homes on the site.
"A Chicago investment group said Tuesday that Los Angeles officials had failed to come up with the cash to preserve the mountaintop next to the iconic sign, so it has put the ridge up for sale."
"Cahuenga Peak, the backdrop to one of L.A.'s most famous postcard views, will carry a $22-million price tag, its current owners said, and could attract buyers seeking the ultimate L.A. pad."
"But the listing immediately generated loud protests from city officials and Hollywood residents, who say building homes on Cahuenga Peak would mar hillside vistas and scar a pristine hilltop."
"'That mountain should not be cluttered,' said L.A. Councilman Tom LaBonge. 'It's good for the psyche of Los Angeles.'"
"The 138-acre property is zoned for five luxury homes, according to investment group partner Keith Dickson. 'It could be used for one large home or a family compound,' he said."
Thanks to Cate Miller
FULL STORY: Homes could rise on ridge near Hollywood sign
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