The Playboy founder Hugh Hefner has donated the final $900,000 needed to preserve 138 acres behind the film capital's most famous visual symbol on Mount Lee, just as time was running out.
"It would have been a real shame after having restored it if it wound up sold," Hefner, 84, told PEOPLE on Monday at the Hollywood premiere of Iron Man 2, with the legendary 45-foot white letters looming in the background. "It's become something iconic and represents not only the town but represents Hollywood dreams, and I think that's something worth preserving," People Magazine reports.
Gov. Arnold Schwarzenegger spoke of the Hollywood sign and the dreams attached to it at Monday's announcement of the purchase.
"I am proud we were able to come together and create a public-private partnership to protect this historic symbol that will continue to welcome dreamers, artists and Austrian bodybuilders for generations to come," he said, according to The Los Angeles Times.