Conservation group makes deal to buy land around Hollywood sign for $12 million

Group makes deal to buy land around Hollywood sign

LOS ANGELES — A nature conservation group says it has reached a deal that would protect a huge swath of land above the world-famous Hollywood sign from being developed into luxury homes.

Trust For Public Lands president Will Rogers said Monday that the group secured an option to buy the rugged 138-acre parcel for about $12 million from Chicago-based Fox River Financial Resources.

The investment consortium had put the land on the market two years ago for some $22 million.

The Trust for Public Lands has already raised about $6 million. Rogers says he’s confident it can raise the rest before the option expires in mid-April.

If it succeeds, the group intends to transfer the land to the city of Los Angeles, so it can be incorporated into the adjacent 4,200-acre Griffith Park.