The Wall Street Journal reports that Hugh Hefner sold the iconic Playboy Mansion for $200 million, but retained a life estate.
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.
Hefner’s wife and other heirs will take nothing. When he dies, the purchaser will receive the house in fee simple. But of course you already remembered that from Property, right? I previously blogged about this curious sales arrangement.