Playboy Mansion Sold To Twinkie Executive Contract Says Hugh Hefner Can Stay

Playboy Mansion Sold To Twinkie Executive Contract Says Hugh Hefner Can Stay

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Daren Metropoulos, a principal at the private-equity firm Metropoulos & Co. is in contract to purchase the Playboy Mansion property.

He said in a statement “I am less interested in the fame the mansion earned over the last four decades as a playground for Playboy bunnies and more interested in preserving its architectural pedigree. The heritage of this property transcends its celebrity, and to have the opportunity to serve as its steward would be a true privilege.” The home’s architect is Arthur Rolland Kelly, who designed hundreds of homes in the Los Angeles area.

The home was listed for $200 million by broker Mauricio Umansky of The Agency, as well as Gary Gold and Drew Fenton of Hilton & Hyland.

Our spies have told us that the contract price is somewhere in the range of $100-150 million, making the deal one of the largest real estate transactions to date in Los Angeles.

Hugh Hefner purchased the property in 1971 for just a little over $1 million, so in the grand scheme of things, the return was an excellent one indeed.

As we reported previously, the term of the sale must allow Hugh Hefner to stay there until he dies. Metropoulos has agreed to that term.

Playboy has been undergoing a number of radical changes as it seeks to compete in the ever changing media environment. The Wall Street Journal reported in March that the magazine hired investment bank Moelis & Co. to explore selling the company. The possibility of a sale arose after Playboy started shopping the mansion and buyers for the company emerged.

Mr. Metropoulos, 32 years old, is the former co-chief executive of Pabst Brewing Company. His firm, along with Apollo Global Management LLC, in 2013 purchased Hostess Brands, the maker of Twinkies, promising to revitalize the brand.

His father Dean Metropoulos is an American billionaire investor and businessman, he was the owner of Pabst Brewing Company, which was founded by Jacob Best in 1844. According to Forbes, Metropoulos has a net-worth of $3.1 billion as of June 2016. Must be nice!