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The Playboy Mansion has officially been sold for $100million.

The buyer has agreed that former owner and Playboy founder Hugh Hefner can live there until he dies.

The Holmby Hills estate - owned by Playboy Enterprises - was bought by Daren Metropoulos, who lives next door to the property.

Hefner, 90, had put the estate on the market for $200 million - twice the final sale price.

(Image: Getty)

Daren, whose father is billionaire C. Dean Metropoulos, bought the home next door to the Playboy mansion in Los Angeles for $18 million in 2009.

He said Hefner's home had a "rich and storied legacy" and is a "masterpiece in design."

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Hefner and Playboy Enterprises did not comment on the sale.

The property has 22 rooms including a wine cellar, a screening room, a games room, a tennis and basketball court, a waterfall and a swimming pool area.

(Image: Barcroft Media)

It also houses the Playboy magazine offices in a separate wing.

The 21,987-square-foot Gothic-Tudor style home, sits on 5.3 acres and was designed by Arthur R. Kelly in 1927.

(Image: Barcroft Media)

Hefner currently lives in the Los Angeles mansion with his wife Crystal Harris, 30.

Earlier this year, it was reported that 73-year-old businessman Larry Flynt - who owns Larry Flynt Publications, the publisher behind pornographic magazine Hustler - was keen to put a bid in on the legendary mansion but did not believe it was worth $200 million.

(Image: Barcroft Media)

Harry Mohney, whose company operates the Hustler Club chain, said: "Larry and I have talked about it and are preparing a bid. We feel it is an excellent place for The Hustler Club and Hustler Mansion.

(Image: Barcroft Media)

"Hef lost the fact and focus that he was in the sex business and magazine business. He thought he was Vanity Fair and lost that he was in the business of the erotic.

"We are not going to offer half that much. I don't know where he got that figure from. Certainly it would require an appraisal of the value ... We spoke and discussed some figures, and he thought the Hustler Mansion had huge potential."