Almost a year after Hugh Hefner's death, the Playboy founder's family has sold off the last piece of the company they owned for $35 million, making it the first time in history the Hefner family has had no ownership of Playboy.
In the deal between the Hugh Hefner Trust and Icon Acquisition Holdings LLC, the parent company that owns Playboy Enterprises, the Hefners sold the last of their shares in the company, reports The Blast.
According to the news outlet, the deal was twofold; in the first part of the deal, Icon agreed to pay $15 million for 800,000 shares of the company, and in the second part of the deal, the remaining one million shares were put into escrow, which Playboy is paying for via a $20 million loan.
The money will then be distributed to Hefner's kids and his widow, Crystal Hefner, as well as his other beneficiaries.
One of Hefner's sons will continue to work with the company, but will have no ownership.
It was previously reported that the executors of Hefner's estate were given permission by a judge to sell the founder's stake in Playboy. At the time of his death, Hefner owned 33.8% of the company.
The iconic Playboy Mansion, where Hefner peacefully died from natural causes on Sept. 27, 2017, was sold in 2016 to Hefner's neighbor, Daren Metropoulos, who allowed Hefner to live there until he passed. Metropoulos purchased the property for $100 million.
"Hugh Hefner was a visionary in business, a giant in media and an iconic figure of pop culture whose legacy will leave a lasting impact," Metropoulos said in a statement at the time of Hefner's death. "I was fortunate to know him as a neighbor and friend and I extend my deepest sympathies to his family."0comments
According to a report from Entertainment Tonight, Metropoulos reportedly wants to restore the mansion and return the estate back to its original design. He also wants to connect it with his current adjacent property.
While Hefner's children, Cooper, Christie, Marston and David will get the money afforded to them by their late father's will, they'll have to abide by the strict guidelines laid out for the trustees 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.