Playboy Mansion Sold for $100 Million, but Hugh Hefner Is Staying

 

The new tenant, owner of Hostess Brands, will acquire the zoo, the grotto, and a silk-pajama-wearing resident

 

TEXT BY COLLEEN EGAN AND MELISSA MINTON

PHOTOGRAPHY BY JIM BARTSCH

 

Posted August 16, 2016

The Playboy Mansion has a new owner. The storied property sold for $100 million—just half of the $200 million listing price, which made it the most expensive estate in Los Angeles at the time. The new owner is Daren Metropoulos of the private equity firm Metropoulos & Co., which owns dessertmaker Hostess Brands. Metropoulos also owns the house next door, having bought the adjacent property for $18 million in 2009, according to The Wall Street Journal. One of the world’s most famous (or infamous) properties, the Playboy Mansion occupies five acres in L.A.’s prestigious Holmby Hills enclave bordering the Los Angeles Country Club. It’s also the home of Playboy founder Hugh Hefner, who will have a life estate according to the terms of the sale, meaning that he can stay there until he dies. (Considering he’s the man who made the mansion and its parties the stuff of legend after Playboy Enterprises purchased the home for $1.05 million in 1971, that doesn’t seem entirely unreasonable.)

“Aside from it being the Playboy Mansion, it’s also one of the finest estate properties in the country,” says Gary Gold, executive vice president of real-estate firm Hilton & Hyland, who is one of the listing agents, along with Drew Fenton of Hilton & Hyland and Mauricio Umansky of the Agency. “It’s literally the best of the best of the best. Properties like this don’t come up for sale.”

Construction of the Tudor Revival mansion began in 1927, and the main house has six bedrooms, six baths, and two powder rooms. The estate also includes a four-bedroom guesthouse and a two-bedroom games house.

“To me, quite honestly, the biggest highlight is the architecture itself—the house is absolutely stunning,” says Umansky, CEO of the Agency. “We don’t have a lot of 1920s architecture here in L.A.” He adds that the interior will need some refurbishing, “but you’re starting off with a piece of art.” And the new owner agrees. Metropoulos said in a statement that he is less interested in the home’s wild past and more interested in preserving its architectural significance.

The grotto might be the most talked-about feature of the grounds, but other highlights include the zoo (the home is one of the few private residences in L.A. with such a license), the lagoon-style pool, the tennis court, and the rolling lawns.

“The grounds are absolutely breathtaking,” Gold says. There’s also a koi pond, a small citrus orchard, and two well-established forests of tree ferns and redwoods. After Hefner’s reign comes to an end, Metropoulos plans to combine his two properties into one that will span 7.3 acres.

 

http://www.architecturaldigest.com/gallery/playboy-mansion-for-sale-200-million-hugh-hefner-staying

 

Hugh Hefner’s Iconic Playboy Mansion is Going on Sale for $200 million

Chris Michaud, Reuters

  • Jan. 11, 2016, 5:36 AM
  • 14,021

Charley Gallay/Getty Images for Playboy

The cocktail hour during an advance screening of “Entourage” at the Playboy Mansion on May 20 in Los Angeles. 

The iconic Los Angeles mansion of Hugh Hefner, the founder of the Playboy empire, is being put up for sale for $200 million, Playboy Enterprises said, one of the highest asking prices for a private residence in the United States.

The Gothic Tudor-style mansion, which has an area of nearly 20,000 square feet (1,858 square meters) and boasts 29 rooms, sits amid 5 acres in Holmby Hills west of the city.

In addition to amenities such as a tennis court and a free-form swimming pool, the estate is home to the infamous Playboy grotto, which over the years served as the setting for some of Hefner’s most lavish, hedonistic parties.

The mansion, in which Hefner still lives, also has a zoo license, the company said in a statement announcing the sale.

“The Playboy Mansion has been a creative center for Hef as his residence and workplace for the past 40 years, as it will continue to be if the property is sold,” the statement added.

 

http://www.businessinsider.com/hugh-hefner-playboy-mansion-on-sale-for-200-million-2016-1