The estate's trustee has been petitioning to the court to exercise a liquidity clause, allowing them to set a value for Hefner's stakes in the company, and then sell it off, according to court documents obtained by The Blast.
Hefner's will allows for the sale on the condition that it take place within 90 days of his death, which means they came in just under the limit, as Dec. 26 will be the 90th day since the mogul passed.
"Hef was an American original," said Adam Streisand, the attorney for Hefner's estate. "He left Playboy in great hands, but with Hef gone, it's time for us to close that chapter and focus the future on Hef's charitable vision."
At the time of his death, Hefner owned 33.8 percent of Playboy, which many speculate will be worth millions once it's sold off.
Playboy itself will have the first chance to buy back the equity. If they decide to sell it to the highest bidder, it will mean a complete restructuring of the company.
Not only will Hefner's kids get the cash afforded them by their late father's will, they'll get to remain employed by Playboy as well. However, Hefner's will lays out some strict guidelines for the trustees to live by if they want to keep their inheritance. Hefner put a clause into his will stipulating that his four children and wife will be cut off from their funds if they become reckless with their spending, or if they become dependent on drugs or alcohol.