UPDATED, 1:50 p.m., Aug. 16: The much buzzed about deal for the Playboy mansion has finally closed for $100 million, despite speculation that the buyer was backing out.
The buyer, Twinkie heir Daren Metropoulos, confirmed in a statement that the deal was completed.
The 20,000-square-foot mansion now holds the title as the priciest sale in Los Angeles history. The 90-year-old Hefner, America’s original playboy, will remain in his pleasure palace until his death, per the terms of the deal. He will pay $1 million every year in rent and other expenses, according to someone close to the deal.
Metropoulos, the 33-year-old son of Hostess investor C. Dean Metropoulos, already owns the house next door. He plans to combine the two estates into one massive 7.3-acre compound — how the original architect, Arthur Kelly, envisioned the property in 1927 — after Hefner’s day. The sale includes all the statues and arcade games on the property.
“I feel fortunate and privileged to now own a one-of-a-kind piece of history and art,” he said in the statement. “I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come.”
Gary Gold and Drew Fenton of Hilton & Hyland, as well as Mauricio Umansky of the Agency were the listing agents. Jade Mills of Coldwell Banker represented Metropoulos.