Hugh Hefner Chips in to Save Hollywood Sign Hef donates $900K; $12.5M needed to buy land from developers By Nick McMaster, Newser Staff Posted Apr 26, 2010 5:51 PM CDT 13 comments Comments California Gov. Arnold Schwarzenegger joins a news conference under the Hollywood sign with Los Angeles city officials and members of the Trust for Public Land April 26, 2010, in Los Angeles. (AP Photo/Damian Dovarganes) (Newser) – Hugh Hefner donated $900,000 to save the iconic Hollywood sign today, joining Gov. Arnold Schwarzenegger and other California notables who've stepped up to save the sign from real estate developers. The Tiffany Foundation has ponied up $500,000, but more is still needed: The Trust for Public Land estimates the tab to buy the land back from the Chicago owners who want to demolish the sign at $12.5 million, the LA Times reports.