On a Late 2009 iMac, this problem cannot be solved. I have tried resetting SMC, zapping PRAM, deleting file(s). No fix, no built-in Bluetooth.
CORRECTION:
Much thanks to Rex Raymond.
This worked for me as well:
1. Trash the com.apple.bluetooth.plist at /Library/Preferences.
2. Delete the kext caches with this terminal command: sudo rm -R /System/Library/Caches/com.apple.kext.caches
3. Shut down the laptop. Unplug all cables but power.
4. Reset the SMC by pressing Shift+ Control+ Option keys on the LEFT hand side of the keyboard, then pressing the power button at the same time and releasing of all of those keys together.
5. Power up the computer.
6. Zap the PRAM by holding down Cmd+Opt+P+R and wait for second chime
7. Start up in Safe Boot by holding Shift key until progress bar appears.
8. Upon logging in, open System Preferences. Note that the Bluetooth icon is again visible.
9. Reboot normally and log in.
10. Turn Bluetooth on and test by pairing with mouse. Verify functionality.
Message was edited by: Andy Milder