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 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 from 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.