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

Miami /
Jan.January 22, 2016 06:00 PM

From the Los Angeles website: 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

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...