EXCLUSIVE

The Playboy Mansion -- the backdrop of some of the wildest parties ever thrown in L.A. -- is for sale ... TMZ has learned.

The 6 acre Holmby Hills estate, built in 1927, will be listed sometime within the next month. Our real estate sources say the owner -- Playboy Enterprises -- is looking to get somewhere north of $200 million.

Real estate sources with knowledge of the area say the owners are dreaming when it comes to price. They say the reality is ... the house is a tear-down and the real value is the acreage and that a comparable lot sold recently in the area for $60 mil, but the sources say because of its history the Mansion could go for anywhere between $80 mil and $90 mil.

Our sources say they believe the people at Playboy Enterprises will come back down to reality and list the estate at a realistic number.

There are several strings attached. We're told whoever buys it will be required to give Hugh Hefner a life estate, meaning he can continue to live in the mansion until he dies.