Playboy Mansion Sale Is Next Step in Business Transformation: Exclusive Photos

The Playboy Mansion—the sprawling Los Angeles house that over four decades came to embody Hollywood’s sybaritic party culture—is going on the market for $200 million. Longtime resident Hugh Hefner has no plans to leave: Seller Playboy Enterprises is stipulating Mr. Hefner, 89, be allowed to remain at the home for the rest of his life. Founded by Mr. Hefner in 1953, Playboy helped usher in the sexual revolution, but more recently has shed staff and reorganized its business. Scott Flanders, Playboy Enterprises’ chief executive, said in a statement that the sale of the mansion “enables us to continue to reinvest in the transformation of our business.” “The Playboy Mansion has been a creative ce

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