Here’s your chance to own the famous mansion where erotic parties have raged for decades. Playboy, the destitute adult magazine, has put its L.A. party manor, AKA the Playboy mansion, up for sale at $200 million. The five-acre estate boasts 29 luxurious rooms, private home theater and wine cellar, personal tennis court, and a pool with a cave-like hollow where Hefner’s Playboy bunnies got to party with stars. However, there’s a catch—the condition of this sale is that the company’s founder, Hugh Hefner, will continue to stay in it till his death.
Forty-five years ago, Hefner’s company acquired the elegant palace for a little over $1 million. As a deal-prerequisite, Hefner would get to live there till his time. The company’s current CEO, Scott Flanders, insists that the sale would ultimately help Playboy with reinvesting in its business transformation while enabling Hefner to keep working from there as he’s done for the past four decades.
Speaking of its business ‘”transformation,” during the period of 2000 to 2010, Playboy‘s stock prices spiraled down. In 2011, the company entered “a limited partnership” to buy out shares and make it private, which would give him total control over the magazine. However, Hefner owned only an estimated 37% stake in the new project, dubbed Icon Acquisition Holdings LP, while 60% was owned by a private equity company that backed his buyout. That being said, Playboy had to put one of its prized possessions for sale when the company’s board decided to branch its business in different directions.
The mansion has been Hugh Hefner’s creative workplace and home for past 40 years. As one might think that Hefner own this sprawling estate, the fact is that Playboy Enterprises owns the mansion and Hefner pays an annual stipend to the company to cover the rent and other expenses, like food and parties. This fee is usually upwards of $1 million annually, and will presumably stay that way for the years to come. And, if you’re wondering, this payment will include the room in which Hefner stays as well as the bunch for Hefner’s guests. With this, the buyer-seller negotiations would resolve in case the 89-year-old resides for free or if he wants to rent the space back. News about the mansion’s sale went public on January 10.
As for the price listed for the Playboy mansion, the neighborhood escrow begs to differ. Rory Barish, who has made several property dealings in that area, suggests, “Maybe $90 million. But $200 million? That’s absurd. [sic]” Barish even added to the sale’s intricate condition by quickly adding, “But he can ask whatever he wants and there could be one freak out there, a trillionaire, who comes and says, ‘I have to have it.[sic]’”
Rumor has it, however, that the mansion, only a year younger than Hefner, is falling apart. A high-flying Hollywood publicist and once frequent visitor to the mansion, Michael Levine, has said, “It’s not a house that has been kept up maybe as well as it could or should have been.” Even still, the mansion, which comes with a rare zoo license, has been an eye-catching treat for many Hollywood A-listers. With Playboy’s last iconic nude issue on its way and a descent in his company’s net worth in the last decade, Hefner, who subsists on an estimated $50 million net worth, will have to adjust when the sale of this grand $200 million chateau comes about.