BOOM! Hugh Hefner Sells Playboy Mansion For $100 Million, Making it The Most Expensive Home Ever Sold in Los Angeles County and One of The Best Real Estate Deals of This Decade!

This is a great example of how real estate can truly amplify wealth over time. Hugh Hefner bought the Playboy mansion in 1971 for $1.1 Million. 45 years later, in 2016, he sold it for 100 times his original purchase price. I’m pretty sure he far outpaced inflation with that gain!

From latimes.com:

“…Daren Metropoulos, the son of billionaire investor C. Dean Metropoulos and principal at the investment firm Metropoulos & Co., has completed a deal for the iconic Playboy Mansion, according to a release. The longtime Holmby Hills home and workspace of Hugh Hefner, the mansion sold for $100 million, the biggest home sale ever recorded in Los Angeles County.

As part of the sale, Hefner will be allowed to remain in residence for the remainder of his life; Playboy Enterprises will pay $1 million a year to lease the property, according to agents not authorized to comment on the transaction. All the statues, gargoyles and arcade games at the mansion were also included in the record deal.

The estate, among the greatest works of architect Arthur R. Kelly, had been listed for $200 million. Playboy Enterprises acquired the five-acre property for about $1.1 million in 1971…”

Read more @

http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-playboy-mansion-sold-100-million-20160816-snap-story.html

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