Playboy's Hugh Hefner helps rescue Hollywood sign

Yahoo! News 04/26/2010 18:49

Playboy's Hugh Hefner helps rescue Hollywood sign - Playboy - Hugh Hefner - Hollywood - Los Angeles - USA - California - Business - Real Estate

Playboy magazine founder Hugh Hefner on Monday donated the last $900,000 sought by a conservation group for a land purchase needed to save the famed vista of the Hollywood sign from being spoiled by development.

Hefner's key role in reaching the group's fund-raising goal was announced by Los Angeles city officials, Governor Arnold Schwarzenegger and the San Francisco-based Trust for Public Land at a news conference in the Hollywood Hills.

The land trust needed to collect a total of $12.5 million by this Friday under a deal with a group of Chicago investors who bought the 1,820-foot (555-meter) ridge, called Cahuenga Peak, from the estate of billionaire Howard Hughes in 2002.

The trust will now purchase the 138-acre (56-hectare) adjacent parcel and turn it over to the city to be incorporated into the surrounding Griffith Park, preventing any construction that would mar the postcard-perfect view of the Hollywood sign nearby.

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