Playboy Mansion Fetches $100M
- Aug 24, 2016
Holmby Hills, Calif.—Metropoulos & Co. Principal Daren Metropoulos has closed on the acquisition of the Playboy Mansion in Holmby Hills, Calif. The sale price was $100 million.
Playboy Enterprises founder Hugh Hefner will continue to make the Playboy Mansion his home for the remainder of his life. Metropoulos, a co-owner of Hostess Brands, said in a statement that the property is the crown jewel of Holmby Hills and the Platinum Triangle.
“For the last 45 years, Mr. Hefner has imbued the estate with a rich and storied legacy,” he added. “The property’s heritage is not only that of a famous address; it is a true masterpiece in design, constructed by a noted architect for a family who played an important role in the development of Los Angeles in the early 20th Century.”
A companion house next door to the Playboy Mansion was constructed in 1929, two years after its famous neighbor. Metropoulos bought the Playboy Mansion’s neighbor in 2009, and has used it as his personal residence since. Along the way, he has enhanced the property’s formal gardens and expansive grounds, which border the Los Angeles Country Club and feature the original gate leading to the Playboy Mansion.
After Hefner’s passing, Metropoulos intends to link the two estates once more and restore the nearly 7.5 combined acres to the original concept executed by architect Arthur R. Kelly. Kelly created the estate on behalf of its original owner, department store heir Arthur Letts, Jr.