Land Trust Group Makes Deal to Save Hollywood Sign Land behind icon will be off-limits to development By Will McCahill, Newser Staff Posted Feb 8, 2010 10:51 PM CST Updated Feb 9, 2010 6:00 AM CST 4 comments Comments The iconic Hollywood sign. (Wikimedia Commons) (Newser) – An environmental group has a deal in the works to protect the land around the “Hollywood” sign from being turned into luxury homes, and will cover up the iconic sign Thursday to draw attention to the scheme. "The Hollywood sign cannot be separated from its untrammeled setting of hiking trails and wildlife corridors," says the CEO of Tiffany & Co., which donated $1 million towards the $12 million price tag. In 2002, during the real estate boom, a developer purchased the 138 acres from Howard Hughes' estate and planned four mansions—but two years ago, Cahuenga Peak went back on the market for $22 million, the AP reports. The Trust for Public Land reached a deal for $12 million and has raised about half; it has until mid-April to raise the rest. Thursday's stunt, which will involve covering the sign so it reads "Save the Peak," will kick off the last stage of fundraising.