Hugh Hefner. The American magazine publisher Hugh Marston Hefner had a significant fortune. It was he who created Playboy and served as its first editor-in-chief.
Hugh Hefner’s wealth will be discussed here.
A Brief History of Hugh Hefner’s Childhood
Hugh Hefner’s birthdate is April 9, 1926, in Chicago. He was the first child of Glenn Lucius Hefner and Grace Caroline Hefner. Accountants and educators, respectively, were both originally from the Cornhusker State. His younger brother, Keith, is the only sibling he has.
Hefner attended both Sayre Elementary and Steinmetz High. Following his graduation from high school in 1944, Hugh served in the United States Army as a military newspaper writer until 1946. Hefner attended the University of Illinois in Champaign-Urbana and graduated with a bachelor’s degree in 1949.
He completed his BA in Psychology in just two and a half years, while also minoring in both creative writing and art. He enrolled in graduate-level sociology classes at Northwestern University for a semester before deciding to leave the program.
The profession of Hugh Hefner
Hugh, who was born in Chicago in 1926, served in the US Army as a journalist for a military newspaper from 1944 to 1946. Afterward, he attended the University of Illinois, where he majored in psychology and minored in both creative writing and art.
Later, as a copywriter for Esquire, he quit after being refused a $5 increase in 1952. Then, he started Playboy with an $800 mortgage loan he got from 45 investors and a $600 loan.
On May 6, 2003, a commercial for “X Games IX” was filmed at the Playboy Mansion in Holmby Hills, California, featuring playboy bunnies Sheila Levell, Hugh Hefner, and Holly Madison. Between August 14th and the 18th, the STAPLES Center in Los Angeles will play host to the X Games.
The first edition was out in December 1953, and it contained photos of Marilyn Monroe from a 1949 nude calendar shoot. It sold 50,000 copies in its first week and rapidly became one of the most widely read magazines in the United States.
In addition to creating the magazine, he also served as the chief creative officer of Playboy Enterprises and hosted several Playboy TV series.
When he first moved into the now-famous Playboy Mansion in 1974, he lived there with a rotating cast of ladies until he died in 2017.
Hugh Hefner’s Net Worth
Hugh Hefner left behind $50 million when he passed away in September 2017.
As part of divorce papers filed in 2009, Hefner estimated his net worth at $43 million. Back when Playboy was at its peak, Hefner was worth more than $200 million.
Sadly, the business has been struggling in recent years as magazine sales have plummeted. The value of Playboy shares fell by 80% between the years 2000 and 2010. In 2011, Hefner and Icon Acquisition Holdings, a private equity group, went in to buy the business and make it private.
Rizvi Traverse, a private equity firm, eventually bought the famous symbol. At the time of his death, Hefner owned 35% of the Playboy brand and 100% of the genuine magazine.
Hugh Hefner’s House-Playboy Mansion
Hugh’s last home was the 21,000-square-foot Playboy Mansion in Los Angeles, California. He resided there from 1974 until he died in 2017. The estate became well-known in the 1970s because of its extravagant parties, which were frequented by celebrities and socialites. The house has a wine cellar, a movie theater, three zoos, tennis courts, a basketball court, a waterfall, and many pools, among other amenities.
Strangely, the general public is under the impression that Hugh owns the famous Playboy house. Hefner paid Playboy Enterprises a yearly fee to cover rent, utilities, food, and entertainment. This rental’s annual cost was close to $1 million. That’s right, room and board for Hefner’s women who are permanently staying with him are included.
In January of 2016, the home’s owner, Playboy Enterprises, announced that the property could be purchased for $200,000,000. As there is only one Playboy Mansion in existence, the price tag is far more than what one would pay for a similar home in the same area (about $60–$80 million). In June of 2016, Daren Metropoulos paid $110 million to acquire the property.
Daren is the son of C. Dean Metropoulos, a billionaire businessman, and he was 32 years old when Hefner passed away. The family business name he inherited, Hostess, Bumble Bee Tuna, Pabst, and Chef Boyardee, all saw dramatic turnarounds because of his father’s efforts. Starting in April 2020, extensive modifications will be made to the Playboy Mansion.
About Hugh Hefner’s Private Life
When Hefner was a senior in high school, he married his high school girlfriend, Mildred Williams. Mildred told Hefner she cheated on him with an Army colleague when he was away before they were married. A devastating revelation, according to his own words.
Sorrowful about her infidelities, Mildred supposedly helped him sleep with other women. It all came to an end in 1959 when they finally called it quits. As parents, they raised two kids, Christie and David. After his divorce, he decided to become the “man about town” he had marketed himself as in Playboy.
Over a year, he claimed to have had eleven different Playmates. In 1985, when Hefner had a minor stroke at the age of 58, he made several significant life changes, including marrying Kimberley Conrad, 36 years his younger.
Two of their boys were named Marston and Cooper. After living apart for almost ten years, they finally got a divorce in 2010. He was married to his third wife, Crystal Harris (now Hefner), from 2012 until he died in 2016.
Hugh Hefner’s Death
Hugh passed away on September 27th, 2017, at his Holmby Hills, California, home. He was 91. The E. coli infection led to sepsis, which ultimately proved fatal.
Hugh Hefner’s crypt is located at Westwood Village Memorial Park. Next to his tomb is where Marilyn Monroe is buried. He forked up $75,000 in 1992 to be laid to rest beside Monroe. A lifetime with Marilyn is a once-in-a-lifetime chance, he told the Los Angeles Times in 2009.
It is important to note that Hefner and Monroe never really met in person. He may have used her photos without permission to build his career, but they never met.
Who Got Hugh Hefner’s Fortune?
Hugh Hefner had had three marriages throughout his long life, and he was still married to his third wife, Crystal when he passed away in September of 2017. Through his first two marriages, he had four children, but his legacy was marred by scandal.
In 2013, while they were still married, he spent $5 million on a concrete and angular Hollywood Hills home for Crystal. It seemed like a comfortable jail.
When he passed away at the Playboy Mansion, he wanted to make sure she was taken care of. Contrary to what was reported in the media, a prenuptial agreement did not leave Crystal with anything, and TMZ reported that she was left $5 million and the property. Speaking of the home, Crystal reportedly sold it in 2019 for an astounding $5 million.
According to Fortune, Hefner’s neighbor Daren Metropoulos purchased the Playboy Mansion for $100 million in August of 2016. At the time of his death, Hefner reportedly possessed $36 million in stocks and bonds, as well as 35 percent ownership of the Playboy brand and the magazine.
In addition, he had a joint account containing $6 million with someone. His four children shared in the distribution of his inheritance, which Crystal and the proceeds from the sale of the children’s holdings totaled roughly $35 million.
Frequently Asked Questions
About what age was Hugh Hefner when he passed away is he?
Is Hugh Hefner’s Treatment of Dorothy Stratten a Mystery to You?
Hefner’s Former Valet According to Stefan Tetenbaum, Hefner raped 1980s Playmate of the Year Dorothy Stratten in the Mansion’s Grotto.