How many homes can you buy in California with $100 million? Only one, if that home happens to be Hugh Hefner’s Playboy Mansion.
The infamous estate in L.A. was originally listed for a whopping $200 million earlier this year, but eventually sold for half that much to Daren Metropoulos from private equity firm Metropoulos & Co. That’s the highest amount believed to ever be paid for a home in L.A. Before that, the most expensive residential real estate sale previously this year was an ocean-front property in Laguna Beach that sold for $45 million.
Here’s the kicker: 90 year-old Hefner, who founded the Playboy empire, will be allowed to remain in the residence for the rest of his days for $1 million a year to cover maintenance of the property. The home was purchased back in 1971 by Playboy Enterprises for $1.1 million; given the appreciation over the years and his incredible success as the king of Playboy, Hefner’s company can easily afford the hefty rent price.
Metropoulos currently owns and resides in the home next door to the Playboy Mansion, which he bought in 2009 from Hefner’s wife for $18 million. It was in this house that Hefner’s former wife raised their two children. Since Metropoulos took ownership, he made significant improvements to the home and the grounds it sits on.
Mr. Metropoulos’ fortunes not only come from his work with his firm, but also from his part ownership of snack food giant, Hostess Brands. It also helps that he’s the son of billionaire businessman C. Dean Metropoulos.
Aside from the history of the home, the 20,000 square foot palace is also an architectural art piece. Constructed in 1927, the Tudor-style mansion sits on a sprawling 5 acres of land just west of L.A. in Holmby Hills. With 29 rooms throughout (including 7 bedrooms and 8 bathrooms), there certainly is no shortage of space for Hefner’s bunnies.
The estate features a lagoon-style swimming pool, tennis court, games room, wine cellar, home theater, fitness room, and even a grotto where Hefner hosted countless parties jammed with Hollywood celebrities and Playboy bunnies since the 1970s. With the permanent pyrotechnics permit that the home has, these festivities were likely some of the liveliest in the area. The place even boasts a zoo license for its animals, including monkeys and various exotic birds.
The four-bedroom guesthouse is by no means modest, and the commercial catering kitchen is enough to accommodate hundreds of guests.
The gated driveway leads all the way up to a circular drive at the entrance of the elaborately decorated mansion, as well as the home’s lush landscaped grounds.
Included in the $100 million price tag are a plethora of statues scattered throughout the property, as well as all the contents of the games room. However, no furniture is included with thetransaction.
Once Hefner’s tenancy expires, Metropoulos plans on joining the Playboy Mansion property with his current adjacent home. If that plan follows through, the combined property will be an astounding 7.3 acres.
For more information about luxury real estate in Los Angeles, contact our real estate professionals today. We specialize in the luxury housing market in L.A. and surrounding areas, and have helped countess buyers and sellers realize their real estate goals.
$2,950,000 : 10558 LINDBROOK Drive, Los Angeles5 beds, 5 full baths
$2,495,000 : 1324 STRADELLA Road, Los Angeles3 beds, 3 full baths
$3,280,000 : 10656 LINDAMERE Drive, Los Angeles4 beds, 5 full, 1 half baths
$3,395,000 : 900 W OLYMPIC , Unit 48E, Los Angeles3 beds, 3 full, 1 half baths
$3,259,000 : 7868 ELECTRA Drive, Los Angeles4 beds, 5 full baths
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 5/25/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.