The Playboy Mansion has received some neighborly love.

The famed party spot and home to Hugh Hefner is under contract to be sold for an undisclosed amount to Daren Metropoulos, who owns an adjacent property.

The property had been listed for $200 million and carried an unusual condition – that the 90-year-old Hefner, founder of Playboy Enterprises Inc., can remain in the Holmby Hills mansion for as long as he lives.

Metropoulos is a principal at his father’s private equity firm C. Dean Metropoulos & Co. of Greenwich, Conn. The firm was one of the buyers of Twinkie maker Hostess Brands in 2013. He also served as the co-chief executive of Pabst Brewing Co., a former investment of the private equity firm.

Metropoulos, 32, purchased the property next door to the iconic mansion from Hefner in 2009 for $18 million. That home was previously used by Hefner’s former wife and two children.

The plan is to eventually combine the two properties into a 7.3-acre estate, according to Metropoulos’ representative.

The mansion, famous for glitzy parties featuring movie stars, models, and millionaires, went on the market in January. It was listed by broker Mauricio Umansky of the Agency, and Gary Gold and Drew Fenton of Hilton & Hyland.

Playboy purchased the property in 1971 for $1.05 million, a record price at the time.

The 1927 home was designed by architect Arthur Rolland Kelly and features a wine cellar, tennis court, gym, and, of course, the infamous grotto. It also has an official zoo license, according to the sales listing.

The 20,000-square-foot Playboy Mansion has 29 rooms, including 12 bedrooms, on 5 acres.

The sale of the property comes at a turbulent time for Playboy. The media company announced in March that it would be working with investment banker Moelis & Co. to explore a sale in what could be a $500 million deal.

Scott Flanders, chief executive of Playboy, left earlier this month to become chief executive of private health insurance exchange eHealth Inc. Ben Kohn, a managing partner at Rizvi Traverse Management – a private equity firm that holds a majority stake in Playboy – was named interim chief executive.

Playboy made a splash earlier this year when it launched its first nudity-free magazine issue in an effort to reach a younger audience and to stay competitive in the age of free internet porn.

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