Playboy Mansion Sells for $100 Million

Hugh Hefner will be allowed to reside in the mansion for the rest of his life

Last Updated: August 16, 2016 @ 10:47 AM

Party in the grotto — the Playboy Mansion has a new owner.

The iconic property, located in the Holmby Hills area of Los Angeles, has been sold to Daren Metropoulos for $100 million, a spokesperson for the businessman said Tuesday.

As part of the deal, Playboy honcho Hugh Hefner, 90, will be allowed to live in the mansion for the remainder of his life.

“For the last 45 years, Mr. Hefner has imbued the estate with a rich and storied legacy,” Metropoulos said in a statement. “The property’s heritage is not only that of a famous address; it is a true masterpiece in design, constructed by a noted architect for a family who played an important role in the development of Los Angeles in the early 20th century.”

Metropoulos purchased the property next door to the mansion in 2009, and plans to connect the two estates when Hefner no longer occupies the mansion for a 7.3 acre compound.

“I feel fortunate and privileged to now own a one-of-a-kind piece of history and art,” Metropoulos added. “I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come.”

Hefner has resided in and done business from the mansion since 1971.

Metropoulos, previously the co-owner and co-CEO of Pabst Brewing Company, is currently the co-owner of Hostess Brands.