Conservationists who want to save the land surrounding the iconic Hollywood sign from development have three weeks to raise $3 million dollars, they announced Wednesday.

The Chicago-based investors who own the property, once for sale for $22 million, agreed to give it to the nonprofit Trust for Public Land if the group can hand over $12.5 million by April 14. The organization, with $4 million in city-donated funds, has raised $9.5 million to date.

“We feel good about where we are and we feel good about our chances to do this,'' said the Trust for Public Land's Tim Ahern.

The 138-acre property's current owners had planed to develop at least four luxury mansions on the land before the real estate bust happened and they changed their minds — at least for now.

Celebrities Steven Spielberg, Tom Hanks and Rita Wilson, along with the Academy of Motion Picture Arts and Sciences and film production companies, kicked in much of the cash raised for the “Save the Peak” campaign so far. (“The peak” refers to Cahuenga Peak and the adjacent ridge line occupied by the property).

Donations can be made here.

-With reporting from Weekly wire services. Got news? Email us.

LA Weekly