Hollywood’s notorious Playboy Mansion is about to have a new owner – the estate’s next-door neighbor, 32-year-old Daren Metropoulos. The Wall Street Journal reports the historic Holmby Hills, California property is currently in contract to sale to Metropoulos, a principal of the private-equity firm Metropoulos & Co., owner of Hostess Brands, and a former co-CEO of Pabst Brewing Company.
The final selling price for the 5-acre property and 20,000-square-foot mansion has not been disclosed, although it was listed for a staggering $200 million when it was put on the market in January, making it one of the most expensive residential listings in U.S. history.
As part of the sale conditions, Metropoulos has agreed to allow the mansion’s famous previous-owner, 90-year-old Playboy founder Hugh Hefner, to live on the property for the remainder of his life.
Metropoulos purchased his current, adjacent property in 2009 for a reported $18 million. Once Hefner’s tenancy ends, Metropoulos intends to connect the two properties into a single 7.5-acre estate.
Metropoulos has said he is less interested in the fame the mansion has earned over the last four decades as a debaucherous playground for scantily dressed Playboy Bunnies and more interested in preserving its architectural history.
“The heritage of this property transcends its celebrity and to have the opportunity to serve as its steward would be a true privilege,” Metropoulos told the WSJ of the 1927 estate.
Hefner’s company, Playboy Enterprises, bought the property over 45 years ago in 1971 for about $1 million.
The home’s architect is Arthur Rolland Kelly, who designed hundreds of homes in the Los Angeles area.