Hugh Hefner Saves Hollywood Sign

Thanks to Hugh Hefner, the iconic 45-foot "Hollywood" sign on L.A.’s Mount Lee has been rescued from the claws of real estate tycoons. Developers were set to turn the historic hillside into luxury mansions, but they offered a non-profit land conservation group the opportunity to buy the land for $12.5 million—if they paid up by April 30. Nearly one million short and with less than two weeks to go, the Playboy founder donated the last $900,000 needed to preserve the 138-acre property.

This wasn’t the first time the millionaire stepped in to save Hollywood. The magazine publisher had previously donated money to restore the sign in 1978 after it had been neglected for years. "It would have been a real shame after having restored it if it wound up sold," Hefner told People. "It’s become something iconic and represents not only the town but represents Hollywood dreams, and I think that’s something worth preserving."

Hefner is supposedly working on a film about his life, and Robert Downey Jr. is rumored to star. –KRIS ALCANTARA