Hugh Hefner's famed Los Angeles estate will soon have a new owner, who has agreed to an unusual condition as part of the deal.
The legendary Playboy Mansion will soon have a new owner — and he lives right next door.
Wealthy investor and businessman Daren Metropoulos is purchasing the iconic 5-acre Los Angeles estate, the Associated Press reports.
Metropoulos has agreed to allow 90-year-old Playboy magazine founder Hugh Hefner — who has called the 20,000-square-foot mansion home since purchasing it for just over $1 million in 1971 — to live there for the rest of his life.
Metropoulos is a principal at private-equity firm Metropoulos & Co., co-owner of Hostess Brands (yes, the Twinkies maker) and former co-owner of Pabst Brewing Co. He purchased the 2-acre estate next door to the Playboy Mansion from Hefner in 2009 for $18 million.
The famed Playboy Mansion was listed for sale in January for $200 million, which many real estate experts claimed was outlandishly high. The actual purchase price isn’t known.
Jeffrey Hyland is president of Hilton & Hyland, which listed the mansion for sale. He said Metropoulos will pay “nine digits” for the mansion and the sale will set a record for the highest-priced residential sale in Los Angeles, according to The Wall Street Journal. Hyland said there were multiple offers for the home.
The mansion — built in 1927 — has been the scene of lavish celebrity-filled parties and events over the years. But the home is outdated and in need of renovations. According to the Journal:
Based on the price per square foot for luxury properties in the Los Angeles area, the home would be valued at closer to $27 million, according to Jonathan Miller, a president and chief executive of Miller Samuel Inc.
It isn’t uncommon for neighbors to pay a premium to purchase adjoining properties, according to real-estate experts, to ensure someone else doesn’t come in and divide the property or disrupt or denigrate the neighborhood.
Metropoulos said in a statement that he wants to preserve the architectural pedigree of the house, which was designed by noted L.A. area architect Arthur Rolland Kelly.
“The heritage of this property transcends its celebrity, and to have the opportunity to serve as its steward would be a true privilege,” Metropoulos said.
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