Land in the vicinity of the sign was purchased by Howard Hughes in 1940, who planned to build a hilltop mansion at Cahuenga Peak for actress Ginger Rogers. Before long Rogers broke off their engagement and the lot remained empty. Hughes' estate sold the property that lies to the left and above the sign for $1.7 million in 2002 to Fox River Financial Resources, a Chicago developer that planned to build luxury mansions along the ridgeline. It put the property on the market in 2008 for $22 million. As a result, the City of Los Angeles considered buying it, possibly by raising money from celebrities as was done for the 1978 restoration.