Here's what will happen to the Playboy Mansion now that Hugh Hefner has died

Hugh Hefner, founder of Playboy magazine and longtime tenant of its namesake house, has diedat 91.The famous 20,000-square-footHolmby Hillsestate that he inhabited for more than 40 years will soon enter a new phase under different ownership.The Playboy Mansion soldfor $100 millionin 2016. Though that's certainly a high number, it was merely half of the asking pricethathad made it the most expensive for-sale house in America for much of 2016.Thehousewas soldtoits next-door neighbor, Daren Metropoulos, a principal of the private-equity firm Metropoulos & Co. and a former co-CEO of Pabst Brewing Company.The home was never technically owned by Hefner.Playboy Enterprisesbought the mansion for just over $1 million 45 years ago and leased it back to him.Hereportedly paidjust$100 a year to live there under the arrangement.Hefner did, however, have life rights to the propertyas a stipulation in the sale, he could live there for as long as he wanted, though he would pay $1 million a year to do so.Metropoulos said at the time of the sale that he intended to connect the Playboy Mansion and his adjoining property, which he bought in 2009 for $18 million."I feel fortunate and privileged to now own a one-of-a-kind piece of history and art," Metropoulos said in a press release announcing the closing of the sale. "I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come."SEE ALSO:Playboy founder Hugh Hefner dead at age 91DON'T MISS:Go inside the infamous Playboy Mansion, Hugh Hefner's longtime $100 million homeJoin the conversation about this storyNOW WATCH: Jaleel White played Steve Urkel on 'Family Matters' for 9 years ' here's what he's up to now
Click here to read full news..