A coalition to save land near the Hollywood sign had until April 30 to come up
with a total of $12.5 million for the land deal. (Catherine Cloutier)

Playboy mogul Hugh Hefner salvaged a nine-year effort to save land near the Hollywood sign from development, the Los Angeles Times reported Monday. The announcement was made at a Monday morning news conference just four days before the deadline to purchase the land.

The land near Cahuenga Peak was scheduled to be sold off for real estate development featuring luxury homes on April 30.

Hefner kicked in $900,000 towards the purchase. This, along with a $500,000 matching grant from the Tiffany Foundation and Aileen Getty, filled in the remaining cash needed to make the sale.

Governor Arnold Schwarzenegger also attended the conference as a supporter of the campaign to save the land. Always good for a quote when he finds a calling, Schwarzenegger said, "What a Terminator is supposed to do, which is to jump into action."

The City of Los Angeles and the Trust for Public Land, a national non-profit organization for land conservation, have been working to find public and private money to save the land.

Their latest campaign was part of a nine year effort by councilman Tom LaBonge to gather enough money to purchase the 138 acres of land behind the Hollywood sign when it went on the market in 2002.

The coalition launched a fundraising campaign earlier this year, transforming the sign into a billboard that spelled out "SAVE THE PEAK."

See a slideshow and video on the sign and read about the campaign here.

The effort came down to the wire on April 14, the deadline for purchasing the land. Nearby residents held a fundraising concert and even baked pies to gain the remaining funds needed to meet the $12.5 million asking price.

The campaign received a lifeline in the form of a 16-day extension on April 14, giving LaBonge and the Trust until the end of the month to find the necessary funds.