Some Chicago investors are putting the 138 acres of land just to the west of the "H" in the sign on the market Wednesday.
The Fox River Company says the property offers a spectacular 360-degree panorama of the Los Angeles Basin and the San Fernando Valley.
Hughes once planned to build a love nest there for his then paramour Ginger Rogers. Though their relationship didn't last, the property remained undeveloped and in the eccentric billionaire's trust for decades.
The land was sold to Fox River in 2002 for $1.6 million.