Daren Metropoulos (pictured), 34, assumes full control of the Playboy Mansion which he purchased last year
The new owner of the iconic Playboy Mansion in Los Angeles, California is planning to expand the historic estate following the death of Hugh Hefner.
As of Thursday, 34-year-old Daren Metropoulos takes over the five-acre property and plans to expand it with land he purchased in 2009, according to The Hollywood Reporter.
Son of billionaire investor and businessman Dean Metropoulos, Daren bought the famous home in August 2016 for a whopping $100million.
At the time, Metropoulos said he felt ‘fortunate and privileged’ to ‘own a one-of-a-kind piece of history and art,’ he said in a statement.
‘I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come.’
A stipulation in the purchase agreement between Hefner and Metropoulos was that the 91-year-old publishing mogul would be able to live at the Holmby Hills property for the rest of life.
Hefner’s death was confirmed in a statement from Playboy Enterprises on Wednesday that said he ‘passed away today from natural causes at his home, The Playboy Mansion, surrounded by loved ones.’
The five-acre Playboy Mansion estate was purchased for a record $100 million, making it the largest ever in LA County
In 2009, Metropoulos, who owns the snack brand Hostess, purchased a smaller mansion next door to the Playboy estate
A stipulation in the contract stated that Hefner, who died on Wednesday, could live in the mansion for the rest of his life
Both properties combined will now span an estimated 7. 3 acres, the Reporter noted.
One of the brokers involved in the property transaction, Mauricio Umansky of the Agency, said Thursday that the deal was one of the ‘highlights of my career.’
The estate purchased in 2009 was built two years after the the Playboy Mansion, in 1929, and designed by architect Arthur R. Kelly for department store heir Arthur Letts Jr.
Daren Metropoulos is the former co-CEO of Pabst Brewing Company and current co-owner of Hostess Brands, maker of the popular packaged desert Twinkies.
The famous grotto of Playboy Magazine publisher Hugh Hefner is seen 11 January 2007
Overhead views of the Playboy Mansion the day after Hugh Hefner passed away at the age of 91
Hugh Hefner’s wife Crystal gave a video tour of lavish Playboy Mansion – a games room is seen above
The purchase of the Playboy Mansion last year marks in largest in L.A. County history, despite being originally listed for $200 million.
‘Hugh Hefner was a visionary in business, a giant in media and an iconic figure of pop culture whose legacy will leave a lasting impact,’ Metropoulos said in a statement.
‘I was fortunate to know him as a neighbor and friend and I extend my deepest sympathies to his family.’
Despite the outward appearance of congeniality, some believe the Metropoulos family may have an ulterior motive in purchasing the historic property.
Greg Harris of Compass told the The Real Deal online publication that the family has not only had its sights on the Playboy Mansion, but the magazine itself.
‘If they own the tangible estate and the magazine, then they’re in the good spot because they can leverage that as a space,’ Harris said. ‘I just personally never fully believed or understood that he was going to knock it down and build one monstrous house. It would make sense that it’s part of a bigger opportunity.’
Renovations are currently underway at the 22 room estate, according to the Reporter, which includes a wine cellar, screening room, game room, tennis/basketball court, a waterfall and a swimming pool attached to the infamous Playboy Mansion grotto.