Playboy boss rescues Hollywood from property developers

A last minute bequest from Playboy tycoon Hugh Hefner has saved the world famous Hollywood sign from being blighted by property developers.

Although the famous sign was owned by the city the land around it belonged to a Chicago based group of investors. The group planned to sell the 138 acres to USA real estate developers who planned to build luxury housing on the famous hillside.

The iconic Hollywood sign was erected in 1923 to advertise a real estate development. A $12.5m fundraising drive has been running for the last few months and donations have poured in from all States across the country and from several countries around the globe. Other famous benefactors include award winning actor Tom Hanks and world famous director Steven Spielberg.

The final word goes to Governor of California Arnold Schwarzenegger who said the Hollywood sign symbolizes dreams and opportunities and that it was 'the Hollywood ending we hoped for'.