The famous Hollywood sign has been saved from being spoiled by property development by a last-minute donation from Playboy mogul Hugh Hefner. The soft-porn magnate gave $900,000 (£580,000) to the fund which was set up to stop the site being developed. The sign is owned by the city, but the property around it belongs to a group of Chicago-based investors. California Governor Arnold Schwarzenegger described the news as "the Hollywood ending we hoped for".