Iconic Hollywood sign threatened by private development
- added February 16, 2008
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Los Angeles, Feb 16 : The world-famous Hollywood sign overlooking Los Angeles is under threat from property developers, prompting an angry reaction from residents and officials in the city.
Chicago-based investment firm Fox River Land Co is hoping to sell the 56-hectare hilltop parcel adjacent to the giant white letters for $22 mn.
That’s almost four times as much as the $6 million the city valued the land at and represents a remarkable increase on the $1.7 million the company paid the estate of legendary magnate Howard Hughes in 2002.
Hughes had planned to build a palatial home there for his mistress, dancer and actress Ginger Rogers.
Fox River says there is high interest in the property, which is zoned for a single mega-mansion or five smaller houses. But city council member Tom LaBonge vowed Friday to do everything in his power to foil the plan, which he said would spoil the last undeveloped ridge in the city.
‘When you take virgin land it can never be virgin again,’ he told DPA. ‘That peak should remain unmolested.’
LaBonge appears to have strong support among his constituents in the city’s 4th District, which encompasses Hollywood and its famous sign.
‘It’s the one symbol we have that’s known the world over,’ said accountant Vivienne Lifsher. ‘We’d be crazy to let someone destroy it.’
Local businesses are also up in arms.
Chicago-based investment firm Fox River Land Co is hoping to sell the 56-hectare hilltop parcel adjacent to the giant white letters for $22 mn.
That’s almost four times as much as the $6 million the city valued the land at and represents a remarkable increase on the $1.7 million the company paid the estate of legendary magnate Howard Hughes in 2002.
Hughes had planned to build a palatial home there for his mistress, dancer and actress Ginger Rogers.
Fox River says there is high interest in the property, which is zoned for a single mega-mansion or five smaller houses. But city council member Tom LaBonge vowed Friday to do everything in his power to foil the plan, which he said would spoil the last undeveloped ridge in the city.
‘When you take virgin land it can never be virgin again,’ he told DPA. ‘That peak should remain unmolested.’
LaBonge appears to have strong support among his constituents in the city’s 4th District, which encompasses Hollywood and its famous sign.
‘It’s the one symbol we have that’s known the world over,’ said accountant Vivienne Lifsher. ‘We’d be crazy to let someone destroy it.’
Local businesses are also up in arms.
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