Playboy Mansion up for sale, new owner to give Hugh Hefner life estate

By @ritwikroy1985 on
Playboy Mansion
A general view of the Playboy Mansion during the premiere of "The Transporter Refueled" in Los Angeles, California August 25, 2015. The movie opens in the U.S. on September 4. Reuters/Mario Anzuoni

Hugh Hefner’s Playboy Mansion is up for sale and anyone who is ready to shell out $200 million (around AU $287 million) will become its proud owner. However, there is a catch. The new owner will be required to give Playboy businessman Hefner a life estate. It means 89-year-old Hefner can live in the property as long as he lives. The 6-acre property in Holmby Hills will go on sale within next month. If one has a thing for scandalous Hollywood history and some of the wildest adult parties ever thrown in Los Angeles, this is THE property for you.

According to TMZ, owner Playboy Enterprises is looking to fetch around $200 million from its sale. However, real estate sources who know the area well are of the opinion that the quoted amount is too high. In reality, the house is a tear-down though the value is in the acreage. As per the sources, another property in the area, very similar to the Playboy Mansion was able to fetch only $60 million (around AU $86). However, just because of the mansion’s history, it may fetch anywhere between $80-90 million (AU $115 to $130 million).

The mansion has 29 rooms that include a screening room, game room and a wine cellar. The estate also hosts aviary buildings, three zoos, citrus orchard, koi pond, swimming pool, basketball and tennis courts and a waterfall, writes It was built in 1927 and is in disrepair.

Prospective buyers can tour the property although Hefner’s bedroom, the master suite is off-limits. Playboy Enterprises purchased the property for $1.1 million (around AU $1.58 million) in 1971. Over the years nearly $15 million (around AU $21 million) has been spent on expansion and renovation.

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