Hugh Hefner Sells At A Deep Discount

by Deidre Woollard (RSS feed)
Aug 4th 2009 at 6:00PM

I mentioned briefly before that Hugh Hefner and his wife Kimberley sold her house next to the Playboy mansion in Holmby Hills, California but I neglected to mention the fact that is sold for $10 million below the list price of $27.995 million. The LA Times Hot Property column reported that the home, which hit the market in March, sold for $18 million. The 7,300-square-foot English Manor-style house was built in 1929 and has five bedrooms and seven bathrooms. The home is behind private gates on 2.3 flat acres that back up to the Los Angeles Country Club and the grounds include a swimming pool.

The Hefners bought the home in 1996 for Kimberley Hefner to live in with their two sons. It was then listed then at $17.25 million so if Hefner bought anywhere close to list price back then he isn't making too much on this deal. But the aging magazine tycoon's lavish lifestyle has been straining the budget of the Playboy empire and so the sale might have been a matter of some urgency.

[Thanks, Charles! via Listed]

Gallery: Hugh Hefner in Holmby Hills

Tags: holmby hills, HolmbyHills, hugh hefner, HughHefner, playboy, playboy mansion, PlayboyMansion

Filed under: Estates, Celebrity Shopping

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Reader Comments (Page 1 of 1)

iFargle Aug 4th 2009 6:34PM

I bought seven of these.

Russell Abravanel Aug 5th 2009 12:57PM

I guess that pajama and velvet slipper lifestyle will have to start clocking in at 9:00am like the rest.

Susan Aug 6th 2009 2:55AM

36 photos, but none of the inside, not even a clue. Interesting.

Georgesidoti Aug 6th 2009 8:29AM

Only $18 million, huh...If only I would have known!

nicksaly2327 Aug 6th 2009 3:12PM

WOW ! This man has profitted off the looks of young women and their breast. I wonder if he would consider a reality magazine with women who have had breast cancer showing the scars. Would the men who read his magazine want to see reality. Looks are only skin deep. I could have been in his magazine in my 20's. But at age 25 I had my right breast removed. I may be scared but I am still a beautiful woman. Does Hugh Hefner give anything towards breast cancer research?? He sure can afford to. Aly

Spectacular Bid Aug 7th 2009 3:54PM

Wow nicksaly2327 you are a bitter person! I don't know the man from adam but you have to look a bit deeper for the truth. A staunch defender of rights he does contribute to his own foundation which gives grants for free speech and health/medical.

Just because you see $18M as a selling price doesn't mean he made $18M. While he privately purchased this neighboring home in 1996 - after you factor in taxes, insurance, upkeep, and other typical expenses let alone updates or makeovers - and I'd doubt that he cleared more then a few million. Had he invested that money in '96 the logical return would be vastly more.

Playboy is publicly held and traded corporation of which Hugh Hefner has [per the most recent SEC filings] 7,935,596 shares which adds up to all of about $18 million give or take at current rates. Mutual Funds from Wells Fargo, Fidelity, and Vanguard also have noted stakes in the company. That means plenty of every day people own a piece of Playboy - even people with breast cancer.

The market cap of the company is only around $85 million as it hasn't earned a profit in a few quarters. Hef (as Editor-in Chief & Chief Creative Officer) is paid a pinch over $1M a year and gets bonus around $400k year.

I'm not going to cry for the man as he's enjoyed one heck of a ride. At one time in the early 1970's was one of this nations wealthiest when Playboy was listed on the stock exchange. But those days are long gone and he never cashed out during its height.

gregg Aug 7th 2009 10:08PM

If the inside of this mansion looks anything like the inside of the Playboy Mansion, they were smart not to show any pictures. I got a peek inside during the Playboy Jazz Festival last year, and it is VERY dated. However, since this home belonged to Kimberly, I'm sure it is quite a bit more contemporary and cheerful. I love the architecture, and the grounds are beautiful.