Hugh Hefner's Playboy Ownership in Limbo

Hugh Hefner's children will have to wait a bit longer to inherit money from the late Playboy founder's company shares.

TMZ reports that after a 2011 sale Hefner maintained a 35 percent ownership in Playboy Enterprises. That equates to an estimated $45 million.

The conditions of Hefner's minority ownership include that upon his death, Playboy has the opportunity to buy Hefner's share from his estate.

They'll have a year to make the purchase, but they could let that time lapse. If that happens, Hefner's shares will go up for sale and will be transferred to highest bidder.

TMZ also says Playboy is expected to buy out the estate, as its in both parties' best interests. A minority ownership isn't the most attractive purchase at auction to an outside investor.

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Until all of this is settled, his beneficiaries will have to wait for their shares of Hefner's fortune.

The company has yet to comment on the future of the business after Hefner's death. They've instead focused on memorializing the founder, who died on Wednesday at age 91. The cause of death was said to be natural causes, with Hefner passing at his home, the Playboy Mansion, surrounded by his loved ones.