A general view of the Playboy Mansion at "The Transporter Refueled" Los Angeles screening held at The Playboy Mansion on August 25, 2015 in Los Angeles, California.
Michael Tran—Getty Images
By Raisa Bruner
June 6, 2016

The Playboy Mansion, Hollywood’s ultimate party palace and scene of celebrity debauchery, is no longer up for sale. The five-acre property’s next-door neighbor has picked it up for an undisclosed price, the Wall Street Journal reports.

Put on the market in January for $200 million — making it easily one of the most expensive residential listenings in U.S. history — the mansion comes with a curious caveat: 90-year-old Playboy founder Hugh Hefner has a life estate on the property, meaning that he’ll live out the rest of his days at the historic Holmby Hills house as the new owner’s roommate. That new owner is 32-year-old Daren Metropoulos, a private equity principal, owner of Hostess Brands, former co-CEO of Pabst Blue Ribbon, and son of a billionaire.

“The heritage of this property transcends its celebrity and to have the opportunity to serve as its steward would be a true privilege,” Mr. Metropoulos told the WSJ of the 1927 estate. He also said he intends to combine his own adjacent home with the Playboy property after Hefner’s tenancy ends.

Hefner’s company bought the property over 45 years ago for about $1 million and has been leasing it back from Playboy Enterprises.

Write to Raisa Bruner at raisa.bruner@time.com.

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