Playboy Mansion officially sold to neighbor for $100 million

Daren Metropoulos, the 33-year-old co-owner of Hostess, has purchased the Playboy Mansion in Los Angeles for $100 million.

Hugh Hefner will remain on the property until his death as part of the deal. Rumor has it Hefner will pay $1 million in annual rent to Metropoulos, according to Variety. The company has been trying to keep up with the times by cutting costs and changing its ways. There was even talk of a sale back in March leading the CEO to resign in May.

At just under five acres, the property is really worth about $27 million, according to The Wall Street Journal. It has 29 rooms including 12 bedrooms.

Metropoulos owns the property next door, which he bought from Hefner in 2009. Hefner's second wife raised their two children there. Metropoulos plans to eventually combine both properties into a 7.3-acre compound.

Word first came out that Metropoulos was buying the property back in June.