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Future of the Playboy Mansion

The Property Addict / Luxury Lifestyle

United States of America

Oct 01 2017

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Liz Lucking, Mansion Global

Los Angeles’s famed Playboy Mansion is about to undergo some drastic changes after Hugh Hefner’s death.

Hefner peacefully passed away from natural causes at the age of 91 at the home on Wednesday, according to a statement released by Playboy Enterprises, Inc.

Built in 1927, the house, which Hefner bought in 1971 for just over $1 million, was sold in August 2016, for $100 million, city records show. The buyer was Hefner’s neighbor Daren Metropoulos, a 34-year-old principal at private-equity firm Metropoulos & Co. and a current co-owner of Hostess Brands. It was originally listed for $200 million in early 2016.

As a condition of the sale, Hefner was allowed to live in the home until his death.

Mr. Metropoulos bought the house next door from Hefner in 2009 for $18 million. He plans to restore the mansion and recombine the two estates as the property was originally constructed, ultimately making it his private residence, said a representative for Mr. Metropoulos.

“Hugh Hefner was a visionary in business, a giant in media and an iconic figure of pop culture whose legacy will leave a lasting impact,” Mr. Metropoulos said in a statement. “I was fortunate to know him as a neighbor and friend and I extend my deepest sympathies to his family.”

According to the listing from the time of sale, the 20,000-square-foot mansion has 29 rooms, a catering kitchen, a wine cellar, a home theater, a gym, tennis court and a swimming pool with a large—and now, infamous—cave-like grotto. The property also features a four-bedroom guest house and is one of L.A.’s few private residences with a zoo license.

The original Playboy Mansion, in Hefner’s native Chicago, was more modest. Hefner bought the Gold Coast home in 1959 and lived there until 1974, according to reports. A three-bedroom condo in the building hit the market earlier this year for $3.4 million.

In 2002, Hefner reportedly purchased the Bunny House, a smaller mansion across the street from the original Playboy Mansion. According to city records, it sold earlier this month for $17.25 million.  

SOURCE: Mansion Global

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