Playboy Mansion is worth $90M at best, broker says

Broker agrees with Larry Flynt that asking price is overblown

Jan.January 22, 2016 12:42 PM

News broke today so absurd it must be true: Larry Flynt of Hustler is interested in buying the Playboy Mansion in Holmby Hills and making it the Hustler Mansion. And while it may be a publicity stunt, it’s starting a discussion about the true value of the property. 

Representatives of Flynt said there is no way he is shilling out the $200 million asking price placed on the mansion when it hit the market earlier this month, especially since the 20,000-square-foot home on five acres of land comes with a pretty major stipulation: that Hugh Hefner remain on the property until he dies.

“We are not going to offer half that much,” Harry Mohney, whose Déjà Vu company operates Larry Flynt’s Hustler Club, told the New York Daily News.

Josh Flagg of Beverly Hills’ Rodeo Realty and Bravo TV’s “Million Dollar Listing” agrees that the listing price is significantly overblown. He told The Real Deal the property is worth $90 million, tops.

Flagg marketed a home adjacent to the mansion last year for $150 million. That home sits on 10 acres of land, twice the Playboy Mansion’s acreage. If that rate of $15 an acre was applied to the Playboy Mansion, it would ask for just shy of $75 million. If you add $15 million for the cache of the property, he said, you get $90 million.

What’s more, Flagg stressed that is only a more acceptable asking price. What the mansion might actually get could be lower.

“I could see someone possibly paying [$90 million] because of the cache along with the value of the land,” Flagg said. “A home is worth whatever a buyer is willing to pay for it and for someone who wants to own the Graceland of the West, the home could achieve such a price.”

The mansion, which is the priciest listing of the past year, has 29 rooms, including a wine cellar, a home theater and a gym. Other amenities include a game house, a tennis court and a swimming pool with a famed cave-like grotto. It was built in 1927 and purchased by Hefner in 1971 for just over $1 million.

Gary Gold and Drew Fenton of Hilton & Hyland share the exclusive listing with Mauricio Umansky of the Agency.

Related Articles

Four of the top residential listings in LA this week

Here are the priciest resi listings in LA County last week

Larry King and Shawn Southwick

Larry King is saying “so long” to Beverly Hills Flats mansion

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Late Microsoft cofounder Paul G. Allen and the property (Credit: Redfin and Getty Images)

The late Paul Allen’s 120-acre plot of land in Beverly Hills gets a massive price chop. Sound familiar?

Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)

Michael Shvo and partners snag $190M construction loan for Beverly Hills condo project

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Clockwise from top left: 12921 Marlboro Street, 22102 Pacific Coast Highway, 21536 Pacific Coast Highway, 820 N. Roxbury Drive and 334 S. Burlingame Avenue (Credit: Redfin)

Here are the priciest resi listings in LA County last week

2571 Wallingford Drive in Beverly HIlls (Credit: iStock)

Gala Asher’s Wallingford Estate in Beverly Hills just got a $25M price slash