Santa Monica Observer - Community, Diversity, Sustainability and other Overused Words

Playboy Mansion Sold; Hugh Hefner's Historic House was listed for $200 million

Neighbor who owns the adjoining property bought it

 

The Playboy mansion in Holmby Hills has been the scene of numerous parties

It's sold, but Hugh Hefner gets to live there for the rest of his life. And with his life, that could be a long time. Even though he's 90 years old.

The Playboy mansion, an historic even iconic 1927 villa in Holmby Hills, is in escrow to be sold to a financier who owns the adjacent property, according to the buyer's real estate agent. Agents love to brag about such sales.

The mansion owned by Playboy Enterprises was listed for $200 million by broker Mauricio Umansky of the Agency, as well as Gary Gold and Drew Fenton of Hilton & Hyland.

The sale price couldn't immediately be determined. Umansky and Fenton declined to comment, and Mr. Gold couldn't immediately be reached. A Playboy spokesman confirmed that the mansion is in contract but declined to provide further details.

The buyer, Daren Metropoulos, a principal at private-equity firm Metropoulos & Co., lives in the house next door, which he purchased from Playboy founder Hugh Hefner in 2009 for $18 million. He is passionate about the neighborhood's architecture, a representative said.

"The heritage of this property transcends its celebrity and to have the opportunity to serve as its steward would be a true privilege," Mr. Metropoulos said.

According to the terms of the sale, Mr. Hefner has the right to remain in the mansion for the rest of his life. After Mr. Hefner's tenancy ends, Mr. Metropoulos intends to connect the two estates into a combined 7.3-acre compound, the representative said.

The roughly 20,000-square-foot Playboy mansion has 29 rooms, including 12 bedrooms, on 5 acres, according to the sales listing. It is one of the few private residences in Los Angeles with a zoo license, the listing says. Playboy Enterprises acquired the property in 1971 for $1.05 million.

Mr. Metropoulos, 32 years old, is the former co-chief executive of Pabst Brewing Company. His firm, along with Apollo Global Management LLC, in 2013 purchased Hostess Brands, the maker of Twinkies, promising to revitalize the brand.

 

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