The Real Deal Los Angeles

Sold! Hefner’s neighbor is buying the Playboy Mansion: report

Buyer plans to combine two properties into massive estate

June 06, 2016 01:01PM

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Hefner and the Playboy Mansion

Hefner and the Playboy Mansion

It’s the end of an era.

The Playboy mansion, a massive estate in Holmby Hills and the bawdy cultural vestige of simpler, pre-internet times, is reportedly in contract to be sold. The buyer is Daren Metropoulos, a principal at the Twinkie-owning private equity firm Metropoulos & Company. He owns the property next door, the Wall Street Journal reported.

But while the bunnies may have to pack their bags, the mansion will retain its former owner, Hugh Hefner, as part of the sales terms. Hefner, the founder of Playboy Enterprises, has the right to live in the mansion until he dies. The famous robed philanderer turned 90 in April.

The sale price remains undisclosed, but the property was listed for $200 million — one of the priciest listings to hit the market in recent years.

The 20,000-square-foot Platinum Triangle manor has 12 bedrooms and sits on five acres of land. The property has a zoo license, its listing agents said.

The property was listed by Mauricio Umansky of the Agency, as well as Gary Gold and Drew Fenton of Hilton & Hyland.

Since the property came onto the market in early 2016, there have been many false rumors of its sale. This latest deal with Metropoulos was confirmed by a Playboy spokesman, the Journal reported.

Metropoulos owns the house next door, which he bought from Hefner for $18 million in 2009. The financier plans to combine the two properties to create a 7.3-acre estate, his representative said. In a partnership with financial planning company Apollo Global Management, Metropoulos & Company purchased Hostess Brands, famous for its pre-packaged treats such RingDings and Yodels, for $410 million in 2013.

Hefner bought the house for under $1.1 million in 1971. [WSJ]Cathaleen Chen