Hugh Hefner’s £580,000 saves Hollywood sign

Playboy founder Hugh Hefner has helped to save Hollywood's famous symbol after stepping in with a £580,000 donation.

The sign in the Hollywood Hills was being threatened with demolition to make way for a housing development. Mr Hefner's donation completed an £8 million fundraising drive which means the surrounding 138 acres will now be protected.

Governor of California Arnold Schwarzenegger said: "It's a symbol of dreams and a symbol of opportunity and hope. The Hollywood sign will welcome dreamers, artists and Austrian bodybuilders for generations to come."

It is the second time Mr Hefner, 84, has come to its rescue. In 1978 he organised a fundraiser to rebuild the sign after it suffered decades of decay.

He said: "My childhood dreams and fantasies came from the movies, and the images created in Hollywood had a major influence on my life and Playboy. As I've said before, the Hollywood sign is Hollywood's Eiffel Tower."

Schwarzenegger said private donations came from all 50 states, 10 foreign countries, Tiffany & Co. and a number of individuals, including Steven Spielberg and Tom Hanks.

The land trust needed to collect the £8 million by this Friday under a deal with a group of Chicago investors who bought the 1,820-foot ridge, called Cahuenga Peak, from the estate of billionaire Howard Hughes in 2002.

The sign was originally erected in 1923 to promote a real estate development, with its 30ft by 50ft letters spelling "Hollywoodland".