HOLLYWOOD (WKOW) -- The iconic Hollywood sign will remain in the Hollywood hills.
The prime real estate behind the sign was supposed to be developed into an upscale neighborhood, but plunging prices in California real estate market made the land affordable to the Trust for Public Lands.
The trust was able to secure a deal to buy the land for $13.7 million, half the asking price. It still needs, however, to raise about $7 million by April to complete the sale.
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