The Playboy Mansion Has Finally Sold for $100 Million

Daren Metropoulos has purchased the infamous estate, but Hugh Hefner is not moving out.

Published on August 16, 2016 02:50PM EDT

The Playboy mansion has a new owner… finally!

PEOPLE reported back in June that the famous estate, which was originally listed in January at $200 million, was in contract with neighbor Daren Metropoulos, the owner of Hostess brands and former co-CEO of Pabst Brewing Co., according to his Twitter. On August 5, TMZ reported the deal had fallen through due to a difference in opinion on how much access the new owner would have to the property, where Hugh Hefner, 90, will continue to live for his life with his wife, Crystal Harris, 30.

Today, PEOPLE confirmed that the purchase is complete. Metropoulos, 33, bought the 7.3-acre compound for $100 million. He already owns the adjacent home, built two years after the Playboy mansion in 1929.

"The Playboy Mansion is one of the most iconic properties in the world and the crown jewel of Holmby Hills and the platinum triangle," Mr. Metropoulos said in a press release. "For the last 45 years, Mr. Hefner has imbued the estate with a rich and storied legacy. The property's heritage is not only that of a famous address; it is a true masterpiece in design, constructed by a noted architect for a family who played an important role in the development of Los Angeles in the early 20th Century."