Hugh Hefner saves the Hollywood sign

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 yesterday 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."

Developers have been eyeing the hillside, once owned by Howard Hughes, for luxury mansions, but a nonprofit land-conservation group was given the chance to buy the land for $12.5 million. As an April 30 deadline neared, the group was nearly $1 million short.

"I was aware of the fact that they were raising the money, but I only learned about a week ago that they were running out of time," said Hefner. "They only had about a week and a half left to go."

The sign was built in 1923 as part of a real-estate promotion, originally spelling out "Hollywoodland" (the "land" was removed in 1949). In 1978, after years of neglect, Hefner was one of a number of patrons who donated funds to restore it.