Monday, June 6, 2016

Real Estate: The $100 Million+ Don't Use A Blacklight Edition

Our third real estate post of the day, that doesn't happen very often.
From the Wall Street Journal:

Playboy Mansion’s Neighbor to Buy the Property
The Playboy mansion, a stately 1927 home famous for exotic parties where movie stars, athletes and billionaires frolicked with scantily clad women, is to be sold to the most familiar of buyers: the neighbor.

Daren Metropoulos, a principal at private-equity firm Metropoulos & Co. who bought the adjacent property in 2009, is in contract to purchase the property.

He said in a statement he is less interested in the fame the mansion earned over the last four decades as a playground for Playboy bunnies and more interested in preserving its architectural pedigree. The home’s architect is Arthur Rolland Kelly, who designed hundreds of homes in the Los Angeles area.
“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 said. He declined to disclose the purchase price.
The home was listed for $200 million by broker Mauricio Umansky of The Agency, as well as Gary Gold and Drew Fenton of Hilton & Hyland.

Jeffrey Hyland, the president of Hilton & Hyland, said the price was “nine digits” and would set a record for the highest-priced residential sale in Los Angeles. He said there were multiple offers for the property.

The mansion, purchased by Playboy Enterprises in 1971 for $1.05 million, is the longtime home of Playboy Founder Hugh Hefner.

The sale comes with one unusual condition: Mr. Hefner, 90 years old, will be able to remain in the home as long as he lives. After Mr. Hefner’s tenancy ends, Mr. Metropoulos intends to connect the two estates into a combined 7.3-acre compound, a representative for him said.

Mr. Metropoulos bought the house next door, which had been used by Mr. Hefner’s former wife to raise their two children, from Mr. Hefner in 2009 for $18 million.

The roughly 20,000-square-foot Playboy mansion has 29 rooms, including 12 bedrooms, on 5 acres, according to the sales listing. It is one of the few private residences in Los Angeles with a zoo license, the listing says. Mr. Heffner added a heated swimming pool and a grotto in the 1970s....MORE
Dad owns Hostess with Apollo Global.
-note: I earlier had dad as a partner in Apollo with Leon Black et al.
Not so, sorry.