From the Archives: Hugh Hefner's Neighbor Buys Playboy Mansion
It's the end of an era: The Playboy Mansion has sold!
The Playboy Mansion is in escrow with nearby neighbor Daren Metropoulos as the buyer, a Playboy spokesperson told PEOPLE. Although they can confirm the house is in contract, the representative declined to give additional details, including the sale price.
RELATED: Mandy Moore Lists the L.A. Home She Shared with Ex Ryan Adams — Take a Tour
The iconic site located in Los Angeles was listed in January for $200 million. Besides the steep price tag, the sale also comes with another stipulation: The buyer has to allow Hugh Hefner a life estate so he can remain in the home until his death.
WATCH THIS: Holly Madison Considered Suicide During Life in the Playboy Mansion
But Metropoulos, 32, seems to be up for it, as PEOPLE can confirm that Hefner and wife, Crystal, will continue to live in the Mansion.
This isn't Metropoulos's first experience with Hefner in the real estate market, either. In 2009, Metropoulos, a principal at private-equity firm Metropoulos & Co., purchased his current property from Hefner for $18 million, according to The Wall Street Journal.
RELATED: PHOTOS: Tyra Banks Slashes Beverly Hills Mansion Asking Price by $1.25 Million