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

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 contact agents Sarah
Blanchard or Ernie Carswell of Teles Properties at 424-202-3216, or
visit the property´s official Web site at
http://www.telesproperties.com/cahuengapeak.