The sale of the Playboy Mansion has officially closed, and the final sale price has been confirmed.
Daren Metropoulos, a principal of the private-equity firm Metropoulos & Co. and a former co-CEO of Pabst Brewing Company, paid $100 million for the historic property, a representative for Metropoulos told Business Insider.
The 20,000-square-foot Los Angeles home had originally listed for $200 million in January, which made it the most expensive home for sale in America at the time.
As part of the terms of the sale, Hugh Hefner must be allowed to stay as long as he desires. The estate was sold by Playboy Enterprises, which leases it back to the 90-year-old Hefner. The company bought the mansion 45 years ago for just over $1 million, a historically high price for the area at the time.
The five-acre property includes the main 29-room mansion and a four-bedroom guesthouse.
Metropoulos purchased the next-door estate from Playboy in 2009, reportedly paying $18 million for it. Once Hefner’s tenancy ends, Metropoulos apparently intends to connect the two properties into a single 7.3-acre estate.
“I feel fortunate and privileged to now own a one-of-a-kind piece of history and art,” Metropoulos said in a press release announcing the closing of the sale. “I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come.”