YOU could own the Playboy Mansion — but only if Hugh Hefner can live there with you.

Hollywood’s most famous party house has hit the market, but there are plenty of strings attached for any prospective buyers.

The Sun reports that one of the less appealing clauses is a life estate for the 89-year-old, meaning he can continue living in the sprawling LA home until he dies.

According to TMZ, Playboy Enterprises want more than $US200 million ($285 million) for the five-acre property — but experts are telling them to lower their standards and aim for a more reasonable $US60-90 million.

Those without millions to hand but hoping to get a look-in at Hef’s notorious bedroom suite are also out of luck.

Another condition for prospective buyers is they can tour the property — but the octogenarian’s private room is strictly out of bounds.

The 29-room estate, made famous for wild parties in the 70s, comes with a wine cellar, waterfall, swimming pool, screening room, sauna and basketball court as just some of the lavish perks.