Please find an excellent article on this subject.  Describes also other related work i this area.

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2674730/

Please find 2 reviews from our own harvest on cholesterol recognition motifs. 

Regards

FB

Dear Ravi, dear Francisco, thank you for these links to papers and reviews. That was of great help! Norbert

Dear Norbert,

I am afraid that your question is no longer of any relevance to you looking at how long ago you asked this question. But for those wondering:

There are some methods available to get some idea what particular regions within proteins can do when it comes to potential lipid binding.

First of all, the Heliquest software provides a lipid binding discrimination factor:

https://www.researchgate.net/publication/23133533_HELIQUEST_A_web_server_to_screen_sequences_with_specific_a-helical_properties

Examples of the use of this approach:

https://www.researchgate.net/publication/51733310_New_User-Friendly_Approach_to_Obtain_an_Eisenberg_Plot_and_Its_Use_as_a_Practical_Tool_in_Protein_Sequence_Analysis

https://www.researchgate.net/publication/260028784_Comparison_between_the_behavior_of_different_hydrophobic_peptides_allowing_membrane_anchoring_of_proteins

To gather some more detail about the orientation (surface of membrane) of a particular region on a lipid membrane one can consider MCPep, a Monte Carlo approach:

https://www.researchgate.net/publication/225307205_Monte_Carlo_simulations_of_peptide-membrane_interactions_with_the_MCPep_web_server

For examples of the use of this approach:

https://www.researchgate.net/publication/277935893_The_role_and_significance_of_potential_lipid-binding_regions_in_the_mitochondrial_protein_import_motor_an_in-depth_in_silico_study

https://febs.onlinelibrary.wiley.com/doi/full/10.1111/febs.12587

For those who are looking for a clue and for assistance in making choices for experimentation I hope this is of any help.