Former Howard Hughes ‘Sweetheart’ Property Above Famed Hollywood Sign Hits the Market

—138 Acres of Land on Hollywood’s Highest Peak Available for $22 Million—

Los Angeles, CA (February 13, 2008)—Featuring unparalleled, 360-degree vistas of the greater Los Angeles area, from downtown to the Pacific Ocean and Catalina Island to the entire San Fernando Valley, 138 acres of land atop Hollywood’s Cahuenga Peak is available for purchase. Hollywood’s highest crest, perched adjacent to the iconic Hollywood sign, has been placed on the market for $22 million dollars, as announced by Teles Properties, the Beverly Hills-based real estate agency listing the property.

A majestic and historic property, the 138 acres of Cahuenga Peak was acquired in 1940 by Hollywood legend Howard Hughes as a private Shangri-La where he planned to build a hilltop estate for his then love interest, actress Ginger Rogers. Though the land was never developed by Hughes, the property remained in his estate until 2002 and is the last privately-owned undeveloped promontory ridge in the city of Los Angeles.

“With its proximity to the Hollywood Sign, a world famous landmark emblematic of our country’s rich entertainment history, its vast acreage, and its second-to-none vistas, this piece of land could potentially be the biggest local real estate unveiling of the decade, if not the century,” said Sarah Blanchard, the Teles Properties co-agent brokering the sale of the property. “We’re confident that the purchaser of this historic mountaintop will acquire for themselves one of the most scenic properties in the United States, not to mention a piece of Hollywood history.”

Consisting of five adjacent parcels of land with the potential to develop a single family residence and guest house on each, or a single compound spanning the entire 138 acres, the property holds the highest point in the region – the 1821-foot-high Cahuenga Peak. The high, expansive, elevation of Cahuenga is the dominant natural feature in the area, towering above the entire city of Los Angeles from the Pacific Ocean to downtown facing south, the San Fernando Valley facing North, and the San Gabriel Mountains and Griffith Park facing east.

“Howard Hughes had a vision of building an unrivaled estate atop Cahuenga Peak many decades ago,” said Ernie Carswell, co-agent and a Teles Properties partner. “Though he acquired the land, his dream never came to fruition. Now, someone will have the opportunity to carry out what Hughes initially planned as a sweetheart offering. Also, the trails and natural wilderness are so beautiful, surrounded on all sides by this bustling city, that it can easily attract a benefactor to gift this back to the citizens of Los Angeles – even the world – for recreational hiking and experiencing the unrivaled vistas from the highest point in the area.”

The Chicago-based private equity company that purchased the property in 2002 from the Hughes estate uncovered access to the property via an access and utility easement that grants the property owner the right to develop a roadway across a 100-foot-wide strip of land owned by the Department of Water and Power that connects to the northerly terminus of Wonderview Drive. The eastern property line is located just west of Mount Lee Drive and the property is contiguous to public land on all sides. The Hollywood Sign is located southeast of the property line at an elevation of 1600 feet.

For information on the property, please visit the property’s official Web site at http://www.telesproperties.com/cahuengapeak.

Filed under: Teles News and Press Releases, Uncategorized on February 23rd, 2008