Playboy Mansion Sold - Report

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Mon Jun 6, 2016 11:22PM

Playboy boss Hugh Hefner´s famous Holmby Hills, California mansion is reportedly under contract to be sold.The famous mansion that's been home to Hugh Hefner since 1971 has been sold to Daren Metropoulos, principal at private-equity firm Metropoulos & Co. and owner of Twinkies-maker Hostess, The Wall Street Journal reported.
The selling price was not disclosed. The mansion, which includes 20,000 square feet of living space, 29 rooms, a zoo license and legendary pool and grotto, was listed in January for $200,000,000. The brokerage firm handling the listing told the WSJ the price was "nine digits" and would set a record for the most expensive home ever sold in Los Angeles.
The six-acre estate, which was built in 1927, has been the location of some of the wildest Hollywood parties ever thrown, but earlier this year (16), reports suggested bosses at Playboy Enterprises - the estate´s owners - were looking sell the fabled pad for around $200 million .
According to TMZ.com, Hefner´s neighbor, Daren Metropoulos, is in escrow to purchase the mansion. Metropoulos will reportedly allow the 90-year-old to live out the rest of his days there.
A sale price for the estate, which was purchased for $1.05 million in 1971, has not been disclosed.
Metropoulos moved next door to Hefner in 2009, buying his home from the Playboy magazine mogul for $18 million .
Playboy has been undergoing a number of radical changes as it seeks to compete in a changing media environment. The Wall Street Journal reported in March that the magazine hired investment bank Moelis & Co. to explore selling the company. The possibility of a sale arose after Playboy started shopping the mansion and buyers for the company emerged.
People familiar with the matter said the company could fetch more than $500 million, a sum that included the mansion, but more recently Playboy has looked into selling a minority stake or its licensing business, which holds the rights to its iconic bunny logo.
Last week, Playboy Chief Executive Scott Flanders left the company to become CEO of private health insurance exchange eHealth Inc. Ben Kohn, managing partner at Rizvi Traverse Management, was named interim CEO.
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.