- Property includes tennis court and swimming pool with grotto
- Hefner will continue to live at mansion after sale, CEO says
The Playboy Mansion, the home of Hugh Hefner and the setting of wild parties with celebrities and centerfolds, is for sale. The price tag: $200 million.
The roughly 20,000-square-foot (1,900-square-meter) Los Angeles property, which Hefner bought for $1.05 million in 1971, includes a 29-room mansion with a catering kitchen, wine cellar, home theater, gym, tennis court and swimming pool with a cave-like grotto. It is also one of the few private residences in Los Angeles with a zoo license, according to a statement from Playboy Enterprises Inc., which owns the property and leases it back to Hefner.
“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,” Playboy Enterprises CEO Scott Flanders said in a statement.
The mansion’s listing is just the latest big change for Playboy Enterprises, which was taken private in a 2001 buyout led by Hefner. In October, the company said it would stop showing nudity starting in March 2016, marking the first time its famous “Playmates” won’t be naked since Hefner introduced the magazine in 1953.
Playboy has been trying to transform itself into a licensing company from an aging publisher as readers desert print magazines. In 2014, the company refinanced $147 million of first-lien debt with a single lender after its financial performance deteriorated. That same year, Standard & Poor’s said the publisher was “vulnerable” because of “sporadic operating shortfalls,” competition in brand licensing and a worsening outlook for print media.