Playboy Mansion Sale Closes for $100M

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Businessman Daren Metropoulos acquired the property for half of what it was listed for.

A $100 million deal to sell the historic Playboy mansion to businessman Daren Metropoulos has closed, marking the largest residential sale in the history of Los Angeles County.

“I feel fortunate and privileged to now own a one-of-a-kind piece of history and art,” said Metropoulos in a statement. “The Playboy Mansion is one of the most iconic properties in the world and the crown jewel of Holmby Hills and the platinum triangle.”

When the deal was announced in early June, the exact price of the Playboy Mansion was not disclosed, although when the five-acre property initially hit the market in January it had a sticker price of $200 million. It ultimately sold for half of that. According to the release, Hugh Hefner, the founder of Playboy Enterprises, will continue to occupy the mansion for the remainder of his lifetime.

It appeared the sale of the Playboy Mansion to Metropoulos was in peril after TMZ reported earlier this month that deal had fallen apart. That TMZ report proved erroneous.

Playboy will pay Metropoulos $1 million a year for upkeep of the property while Hefner is living there, people with knowledge of the deal told The Hollywood Reporter. According to a source, one sticking point in the negotiations was the leaseback deal and the access that Metropoulos would have to the property while Hefner lived there. The parties agreed that Metropoulos would give Hefner ample notice before coming to the property.

The sale also represents the largest residential sale in L.A. County history. In 2014 the 40,000 square foot Fleur de Lys mansion sold for a total price of $102 million but that sum included almost $14 million in furniture that was added to the sales price.

In 2009, 33-year old Metropoulos acquired the house next to the Playboy Mansion, which includes the original gate that connects to the Playboy Mansion. Metropoulos said he will combine the two properties after Mr. Hefner’s tenancy ends.

The mansion has 29 rooms, which include 12 bedrooms, a game room, a wine cellar and a screening room. The park-like grounds feature a zoo with an arboretum, a tennis court, an orchard and the infamous swimming pool with a swim-in grotto. The property also includes four-bedroom guest house.

Gary Gold and Drew Fenton of Hilton & Hyland and Mauricio Umansky of The Agency held the listing. Jade Mills of Coldwell Banker Previews International represented Metropoulos.

 

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