Feb. 12 (Bloomberg) -- A piece of prime Hollywood real estate with a history to match is being sold for $22 million. The 138 acres of undeveloped land near the Hollywood sign above Los Angeles once belonged to Howard Hughes.

The reclusive industrialist and filmmaker bought the plot in 1940 for actress Ginger Rogers, then his paramour, and planned to build a home there, Beverly Hills, California-based real estate brokerage Teles Properties said today in a statement. The home wasn't built, and the land remained a part of the Hughes estate until 2002, Teles said. Hughes died in 1976, and Rogers in 1995.

With a wrap-around view taking in Los Angeles, from downtown to the Pacific Ocean and the San Fernando Valley, the property consists of five adjacent parcels, each large enough for a single- family home and a guesthouse, and will be offered for sale starting tomorrow, the brokerage said. The property includes the highest point in the area, the 1,821-foot (555-meter) Cahuenga Peak, Teles said.

No additional information on the property or its construction entitlements will be given before a news conference scheduled for tomorrow in Hollywood, said Ryan Croy, a Teles spokesman with Los Angeles-based Fifteen Minutes PR.

Teles Chief Executive Officer Lou Piatt didn't return a telephone call and an e-mail seeking comment. Keith Dickson of Fox River Co., the owner of the property, couldn't be reached for comment.

The property is adjacent to the Hollywood sign, one of Los Angeles's best-known landmarks. The sign, built in 1923, originally read Hollywoodland and was used to promote a housing development. The sign was shortened to ``Hollywood'' in 1949, and was refurbished in 1978 and again in 2005.

To contact the reporter on this story: Daniel Taub in Los Angeles at dtaub@bloomberg.net.

Last Updated: February 12, 2008 18:55 EST