Hugh Hefner Sells Playboy Mansion to Neighbor for $100 Million

The Playboy Mansion has a new owner.

Daren Metropoulos, a principal at the investment firm Metropoulos & Co., purchased the iconic home for $100 million. The 33-year-old principal in the investment firm Metropoulos & Co. won’t necessarily be moving in any time soon.

Under the terms of the deal, Playboy’s 90-year-old founder may stay there for the rest of his life. Playboy Enterprises will pay $1 million a year to lease the property, according to agents not authorized to comment on the transaction. All the statues, gargoyles and arcade games at the mansion were also included in the record deal.

After Hefner leaves, Metropoulos plans to connect the 5-acre Playboy estate to his 2-acre digs next door.

The homes, built in the 1920s, were originally one estate.

Hefner bought the Playboy mansion for $1.05 million in 1971, quickly turning it into a sexual playground.

“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 in the release.“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.”

Two years ago, Metropoulos & Co. sold Los Angeles-based Pabst Brewing Co. for more than $700 million in cash, or $550 million more than what it paid for it in 2010. The firm also co-owns Hostess with Apollo Global Management and has helped to revitalize such snack products as Twinkies.