The housing market is always fluctuating. There are ebbs and flows, good times to buy and bad times to sell. Of all the current home buyers on the market, 33% are older millennials between the ages of 25 and 34 years old. That demographic, however, as well as about 99% of the entire home buying population, likely won’t be making an offer on one celebrity home that just hit the market.
According to Kokomo Perspective, Hugh Hefner’s Hollywood Hills home has hit the housing market at $7.2 million. While it isn’t the Playboy mansion, it is certainly the infamous Playboy’s mansion.
In 2013, at 87 years old, Hugh Hefner purchased a $5 million home in the Hollywood Hills for his then 27-year-old wife, Crystal Hefner. Though the couple lived in the Playboy Mansion, Hefner wanted to ensure that his wife and four children would be sufficiently taken care of after he was gone.
Typically, for individuals with assets in the six figure or higher rage, it’s best to have a trust in addition to a will in order to avoid probate and minimize estate taxes. Hefner had a thorough will including specific stipulations referencing his benefactors, inheritances, and substance abuses.
According to Pop Culture, Hefner stated in his will that none of his benefactors would receive their inheritance if they are “reckless with their money” or if they became dependent on drugs or alcohol.
If an individual benefactor has been cutoff due to Hefner’s postmortem request, they will have the ability to earn their inheritance once again. Provided that the benefactor can go 12 moths without any finical infractions or sobriety issues, they will earn their inheritance back.
“If the Trustees reasonably believe that as a result the beneficiary is unable to care for himself or herself, or is unable to manage his or her financial affairs, all mandatory distributions [to the beneficiary] will be suspended,” read Hefner’s will. “[Rights to the trust may be restored] in the case of use or consumption of an illegal substance, examinations indicate no such use for 12 months and, in all cases, when the Trustees in their discretion determine that the beneficiary is able to care for himself or herself and is able to manage his or her financial affairs.’
Hefner passed away on September 27, 2018 at the age of 91, and his entire estate is estimated to be worth around $43 million.
“I loved him so much,” Crystal said. “I am so grateful. He gave me life. He gave me direction. He taught me kindness. I will feel eternally grateful to have been by his side, holding his hand, and telling him how much I love him.”
Hefner and Crystal engaged in 2010 and, following a brief separation, married on December 31, 2012.