Asking $200 million, Playboy Enterprises plans to reinvest the proceeds of the sale; a buyer would have to remodel the ‘dated’ interiors and let tenant Hugh Hefner remain.
The Playboy Mansion—the sprawling Los Angeles house that over four decades came to embody Hollywood’s sybaritic party culture—is going on the market for $200 million.
Longtime resident Hugh Hefner has no plans to leave: Seller Playboy Enterprises is stipulating Mr. Hefner, 89, be allowed to remain at the home for the rest of his life.
Founded by Mr. Hefner in 1953, Playboy helped usher in the sexual revolution, but more recently has shed staff and reorganized its business. Scott Flanders, Playboy Enterprises’ chief executive, said in a statement that the sale of the mansion “enables us to continue to reinvest in the transformation of our business.” “The Playboy Mansion has been a creative center for Hef as his residence and workplace for the past 40 years, as it will continue to be if the property is sold,” he added.
On roughly 5 acres, the property is one of the largest in Holmby Hills and borders the Los Angeles Country Club. According to listing agentsMauricio Umansky of the Agency and Gary Gold andDrew Fenton of Hilton & Hyland, the mansion is roughly 20,000 square feet. The property includes an elaborate swimming pool and grotto, zoo and game house.
The estate is in need of renovation. “The house will require remodeling, for sure,” Mr. Umansky said, though he added that the value of the land alone is close to $100 million. The home’s interiors are “dated and will need to be remodeled and redesigned,” he said. Moreover, a buyer may want to increase the size of the house.
Acquired by Playboy Enterprises in 1971 for $1.05 million, the mansion is the longtime home of Mr. Hefner, who rents the mansion from the company for a “small, nominal amount each year,” according to a Playboy spokesperson. While Mr. Hefner’s remaining at the property is “nonnegotiable,” Mr. Umansky said, the exact terms of the arrangement will be determined during purchase negotiations.
The Mansion has six bedrooms, six full baths and two half baths, the agents said. The first floor has a great hall with 22-foot-high ceilings and custom hand-carved oak panels. Two staircases lead up to the second floor, where the master suite and other bedrooms are located, along with four offices. The living room is also used as a movie screening room, where there is a pipe organ that has been restored over the past decade. An office, with hand-carved wooden walls, has a secret door to the wine cellar. The party-ready kitchen has a butler pantry and a walk-in refrigerator and freezer.
Outside sit the heated swimming pool and a grotto, which were built in the 1970s after Mr. Hefner purchased the mansion. The cavelike grotto contains four separate hot tubs. The pool area also includes a koi pond, and an outdoor bar and kitchen. A stone bathhouse has four changing rooms, a sauna, gym and a tanning area.
The property also has a zoo with exotic birds and monkeys, and is one of only a few, if not the only, home in Los Angeles to have a zoo license, Mr. Umansky said. He added that the zoo license would transfer to the new owner along with the property.
The separate game house has poker and pool tables, pinball machines, a piano and an old-fashioned Wurlitzer jukebox with jazz recordings. The property also contains a four-bedroom guesthouse with two bathrooms, a sitting room and a solarium.