The ultimate bachelor pad is up for sale — with the ultimate former bachelor included. The Playboy Mansion in Holmby Hills, California, is being put up for sale by Playboy Enterprises for $200 million. But since the deal will be structured as a "living estate," any buyer will have to allow the mansion's famous resident — 89-year-old Hugh Hefner — to continue renting the house until his death. The listing of the 22,000-square-foot Gothic Tudor mansion comes amidst a continued overhaul of Playboy Enterprises as it seeks to shift from a racy magazine publisher to a global licensing company.

View of the Playboy Mansion, owned by US Playboy Magazine publisher Hugh Hefner in Beverly Hills, California. Gabriel Bouys | AFP | Getty Images

Hefner bought the mansion in 1971 for a then-record $1.05 million. He lives in the mansion with his his wife, 29-year-old former Playmate of the Month Crystal Harris. But Hefner rents his living quarters and other areas from Playboy Enterprises. While the home has a fabled history — parties, celebrities, racy entanglements — the home is unlikely to fetch anywhere near $200 million, according to brokers. The most expensive sale in Holmby HIlls is the reported $102 million paid for the larger and more elaborate Fleur de Lys Estate in 2014. The Playboy Mansion has 29 rooms, including a catering kitchen, wine cellar, home theater, separate game house, gym, tennis court and swimming pool with a cave-like grotto.

