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Hugh Hefner's Neighbor to Buy Playboy Mansion For More Than $100 Million

A wealthy businessman who lives next door is buying the Playboy Mansion for more than $100 million.

Not a bad return for a property bought by the magazine in 1971 for just over $1 million. It's built on 5 acres with 29-rooms including a home theater, wine cellar, game house, gym, tennis court, swimming pool, guest house and even a grotto.

The iconic site located in Los Angeles was listed in January for $200 million. However, that was believed to be wildly overpriced at the time with a nearby property sold last year for $59 million.

The property was advertised as a 20,000 square foot "ultra-private retreat and the ultimate setting for large-scale entertaining."

Playboy has confirmed that Daren Metropoulos' bid to buy Hugh Hefner's home is in escrow. The terms of the sale will allow the 90-year-old Playboy founder to live in the mansion until his death.

Metropoulosis principal at the private equity firm Metropoulos & Co, which owns Twinkies-maker Hostess Brand.

"The heritage of this property transcends its celebrity, and to have the opportunity to serve as its steward would be a true privilege," he tells the Wall Street Journal.

June 7, 2016 |

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