Built in 1927, the five-acre Holmby Hills, California, residence was sold in 2016 for $100 million to Darren Metropoulos, Hefner's neighbor, on the condition that the magazine mogul would be allowed to live there until he died.
"Hugh Hefner was a visionary in business, a giant in media and an iconic figure of pop culture whose legacy will leave a lasting impact," Metropoulos said in a statement. "I was fortunate to know him as a neighbor and friend and I extend my deepest sympathies to his family."
In the immediate future, ET has learned there will be an event celebrating Hefner's life on the property. Only fitting given the number of parties that Hefner has hosted there since purchasing the property in 1971.