Hugh Hefner will pay $1 million a year to live in the Playboy Mansion

Jeff Minton

The Playboy Mansion has officially sold for $100 million to its next-door neighbor, Daren Metropoulos, but that doesn't mean Hugh Hefner will be moving out anytime soon.

As part of the terms of the sale, the Playboy founder must be allowed to stay as long as he desires. A source familiar with the transaction told Business Insider that Hefner still has to pay rent: to the tune of $1 million a year. 

Hefner never technically owned the Los Angeles estate. Metropoulos purchased the home from Playboy Enterprises, which had leased it to Hefner. Under that arrangement, Hefner had reportedly paid a shockingly low $100 a year to live there. Playboy bought the mansion 45 years ago for just over $1 million, which was a historically high price for the area at the time.

The 20,000-square-foot home had originally listed for sale for $200 million in January, which made it the most expensive home for sale in America for much of 2016. The five-acre property includes the main 29-room mansion and a four-bedroom guesthouse.

NOW WATCH: Hugh Hefner's son reveals what it was like growing up in the Playboy Mansion