New Playboy Mansion owner closes deal for $100 million

- Hugh Hefner and his band of Playboy Playmates have a new landlord.

Billionaire businessman Daren Metropoulos announced Tuesday that escrow has closed on his $100 million purchase of the Playboy Mansion in Holmby Hills. The deal allows Hefner, 90, to continue living at the mansion for the rest of his life.

"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 -- whose family's company owns Hostess Brand foods and previously owned firms such as Pabst Blue    Ribbon Beer, Ghirardelli Chocolates, Chef Boyardee and Duncan Hines -- has lived next door to the Playboy Mansion since 2009.

Playboy Enterprises acquired the 20,000-square-foot mansion, which was built in 1927, in 1971.

After Hefner's death, Metropoulos, 33, plans to connect his estate and the Playboy Mansion, "ultimately returning the combined 7.3-acre compound to the original vision executed by architect Arthur R. 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.''

Copyright 2016 FOX 11 Los AngelesDownload our mobile app for breaking news alerts or to watch FOX 11 News | Follow us on FacebookTwitterInstagram, and YouTube. Be a citizen journalist for FOX 11 and get paid – download the Fresco News App today.

Up Next:


  • Popular

  • Recent

Stories You May Be Interested In – includes Advertiser Stories