Gov. Arnold Schwarzenegger announced Monday morning that the final amount of money has been raised to “Save The Peak” around the Hollywood sign, preserving a ridge line and preventing it from being developed.

At a morning press conference the governor said the state of California has previously come thorugh with bond money for the effort by the Trust for Public Land, which had previously announced it was about $1.5 million short of the $12.5 million needed to purchase the property from a Chicago-based developer. The Trust announced that Hugh Hefner ($900,000) and Aileen Getty and The Tiffany & Co. Foundation (a $500,000 match) pushed “our Save the Peak campaign across the $12.5 million finish line.”

The nonprofit organization, in fact, had missed an April 14 deadline to come up with the cash, but the developer gave it until the end of the month to come up with the cash. “It is a symbol of dreams,” Schwarzenegger said of the sign, relating how it lit up his hopes when he first came to L.A. looking for acting work.

The developer at one point had planned to put luxury homes on the peak. Preservationists want to keep the land public and give it to the city of Los Angeles.

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