The Holmby Hills mansion and its six acres of land will be opened for bidding within February, with one condition: The winning buyer will have to give Playboy owner and publisher Hugh Hefner the right to live in the estate until his death.
Real estate experts noted that the asking price is far in excess of the property’s actual market value, however. Industry observers working with TMZ said that the mansion’s value has been previously estimated in 2011 at $54 million, with the final selling price expected to be in the $80 to $90 million range.
Hefner faced a lawsuit five years ago on allegations that he undervalued the estate on the heels of Playboy going private.
Hefner purchased the mansion back in 1971 for $1.05 million.
The Playboy Mansion will be put up for sale for $200 million next month, Playboy Enterprises announced on Saturday (January 9).