Hugh Hefner founded Playboy after he was denied a $5-a-week raise at Esquire

In 1952, Hugh Hefner was a 26-year-old copywriter at Esquire magazine withan entrepreneurial dream.Hefner, who died on Wednesday at the age of 91, famously founded Playboy magazine in 1953 afterEsquire denied him a $5 raise to his $60-a-week salary.As The Wrap notes, Hefner quit Esquire in 1952, took out a mortgage of $600, and raised $8,000 from 45 investors, including $1,000 from his mother, to set the foundation for Playboy.The first issue of Playboy Magazine hit newsstands in 1953.It featured nude photographs of actress Marilyn Monroe, which were taken from a 1949 calendar shoot, according to The Wrap. The first issue was an instant hit, selling more than 50,000 copies and laying the groundwork for an iconic brand that would go on to make millionsover the decades.In the early 1970s, Playboymagazine hit its peak, with sales of seven million copies for a single issue.In 1999,Hefner's 70% ownership of Playboy stock was valued as high as $399 million, according to The Telegraph.Though salesof the magazine dwindled in recent decades,the Playboy brand is still worth millions.Market researcher Wealth-X told Business Insider thatHefner was worth atleast $110 million at the time of his death, with roughly $45 million in liquid assets.SEE ALSO:Here's who will likely inherit Hugh Hefner's millionsJoin the conversation about this storyNOW WATCH: Microsoft CEO Satya Nadella says companies need to take stances on controversial issues
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