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Governor Arnold Schwarzenegger was on hand at Lillian Elementary School to recognize the milestone.
The 700 students that attend the school were also there to thank the Douglas family.
Twelve years ago Anne Douglas read about the deplorable state of playground equipment on L.A. public school grounds.
She quickly enlisted Kirk Douglas and others to buy new equipment for 400 schools. Lillian Street marks the 400th and final job.
"Mission accomplished, and that means that I don't have to get up early for every dedication. I can stay in bed," said Douglas.
"Four hundred have been rebuilt and this is the celebration of not only this playground, but of the 400th playground that was completed," said Governor Schwarzenegger.
"Now I don't have to tell you how important those playgrounds are for our children," Schwarzenegger said. "Because if kids have recess, it is very important that they go not just to hang out and to stand around, but they have a place they can play."
Anne and Kirk Douglas raised or contributed $8 million to buy and install the equipment.
