With the help of state bond money, a chunk of land around the famous Hollywood sign will be preserved as open space, California Gov. Arnold Schwarzenegger announced Monday.

The governor was present at the announcement by the nonprofit Trust for Public Land that it has secured the necessary funding to purchase Cahuenga Peak, the 138 acres of land surrounding the Hollywood sign, which was bought by a group of Chicago investors from the estate of billionaire Howard Hughes in 2002.

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