The advertisement, put up Friday by the California real estate mogul, was vandalized the same day and completely destroyed over the weekend.
The damage was apparently due to the ill feeling caused within the Latino community by the conspicuous ad placed by the businessman, who appeared on the ABC television program "Secret Millionaire".
Paskin, 63, paid close to $4,000 for the billboard, which read "All I want for Christmas is a Latina Girlfriend" and included an e-mail address so that anyone interested could get in touch with him.
On Friday some unknown persons ripped off the part of the ad showing the e-mail address, and over the weekend the ad was completely destroyed, leaving only the blank billboard.
The millionaire had previously made news for having handed out $125,000 in $10 bills in a Detroit neighbourhood and for having paid a year's rent for a woman who lost her family in a violent crime.
Paskin has not announced whether he will replace the billboard, but in a statement to the media said that before the damage was done he received thousands of e-mails in response.