After announcing the sale of his mansion in June, Hugh Hefner, the founder of Playboy Enterprises, finally closed the sale of the famous Playboy Mansion for $100 million, but with one strange condition.
Daren Metropoulos, a principal at investment firm Metropoulos, closed on the sale Tuesday, but must allow Hefner to continue living there for the remainder of his lifetime.
The mansion was originally listed for $200 million along with the stipulation that Hefner be allowed to stay.
Later, some questioned the high price tag of the mansion, asking what the mansion would be worth without the playboy.
"The Playboy Mansion is one of the most iconic properties in the world and the crown jewel of Holmby Hills and the platinum triangle," Metropoulos said. "For the last 45 years, Mr. Hefner has imbued the estate with a rich and storied legacy.”
“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 said.
This isn’t Metropoulos’ first house in the region. In 2009, he acquired the sister house next door, which was built in 1929, two years after the Playboy Mansion. Metropoulos spent the past few years making improvements and renovating the house.
At some point after Hefner's tenancy ends, he intends to reconnect the two estates, ultimately returning the combined 7.3-acre compound to the original vision executed by architect Arthur Kelly and its first owner, Arthur Letts Jr., the department store heir whose father conceived and developed Holmby Hills when it was the Wolfskill Ranch.
"I feel fortunate and privileged to now own a one-of-a-kind piece of history and art," Metropoulos said. "I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come."