Group options land near Hollywood sign from Geneva firm

LOS ANGELES -- A nature conservation group said Monday 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 the group secured an option to buy the rugged 138-acre parcel known as Cahuenga Peak for about $12 million from Geneva-based Fox River Financial Resources.

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

"The real estate meltdown has brought a number of properties that should never have been developed back onto the market at very favorable prices," Rogers said.

But, he added, "not everything that we're seeing is as iconic as Cahuenga Peak, being the backdrop to the Hollywood sign."

Fox River did not answer a call seeking comment.

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, although he acknowledged that the same economic forces that were driving down land prices also made fundraising more difficult.

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.