Playboy magazine founder, Hugh Hefner is reported to have sold his English Manor mansion 
in Los Angeles for $18 million after having had it on the market for $25 million for nearly a year.
According to the Times reports, Hefner had purchased the seven-bedroom manor with his wife and ex-Playboy Playmate, Kimberley.
It has been reported that Daren Metropoulos, a Beverly Hills entrepreneur and son of a wealthy investor, has bought the property for 18 million dollars, reports the Telegraph.
The $18 million from the property sale could well be used by Hefner to fill the holes in his Playboy magazine company. The Playboy share’s value has dropped from a record $1 billion (2000) to a meagre $84 million (2009).
The Playboy company has been hit hard by the global financial crisis, given consumer spending vanishing due to huge “free YouTube-style porn websites” offerings online.
Playboy reported a second-quarter loss of almost $9 million, twice as much as the $3.2 million for the same period in 2008. Revenues dropped by 15 per cent. The magazine has even merged its July and August issues in an effort to save money.
The Playboy legacy appears to be heading towards a nasty collapse. Founded in 1953, with the first issue featuring none other than Marilyn Monroe on the cover.
Images by cliff1066, schuey and under Creative Commons.
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