Playboy Mansion Sold To Billionaire Neighbour

Playboy fans everywhere are mourning the end of an era as Hugh Hefner's iconic Los Angeles mansion is sold to the billionaire businessman who lives next door.

Private equity boss, Daren Metropoulos, 32, is to become the new owner of the vast 29-room property, representatives for Playboy Enterprises and Mr Metropoulos have confirmed.

Both sides have refused to reveal the sale price until the deal is completed.

However, some reports suggest it went for roughly $110m (£76.1m), significantly less than the $200m it was originally listed at.

Mr Metropoulos, who is the co-owner of the Hostess Brands, maker of the American snack Twinkies, bought the house next door from Mr Hefner in 2009 for £18m.

He reportedly plans to merge the two 1920s-era properties, creating an enormous 7.3 acre compound.

But the development will have to wait as, under the terms of the sale, Playboy Magazine's 90-year-old founder will remain in the mansion for the rest of his life.

"If the purchase closes and at some point after Mr Hefner's tenancy ends, Mr Metropoulos intends to reconnect the two estates ..." Metropoulos' business, Metropoulos & Co, said in a statement.

"In the meantime, he is pleased to continue to have Mr Hefner as his neighbour and feels fortunate and privileged for the opportunity to serve as a steward of this historic property."

The Playboy mansion, once the scene of countless debauched celebrity-filled parties, sits on five acres in LA's Holmby Hills.

It is home to a game house, home theatre, wine cellar, gym, tennis court, swimming pool, four-bedroom guest house and the infamous Playboy grotto.

The property was originally bought by Playboy Enterprises in 1971 for $1.05m.

At that time, the purchase was the largest real estate transaction in Los Angeles history.