Hugh Hefner's infamous Playboy Mansion is reportedly up for sale for $200 million, but the buyer will have to allow the magazine publisher to live there until he dies, US media said.

The home of Playboy magazine and its founder will be listed within the next month, celebrity website TMZ reported.

Playboy Enterprises is seeking upwards of $200 million, but TMZ, citing real-estate sources in the area of Holmby Hills — close to Beverly Hills — said the mansion was more likely to go for between $80 million and $90 million.

Prospective buyers can tour the sprawling property, reputedly host to some of America's most raucous parties, but Mr Hefner's bedroom is off-limits, TMZ said.

Hugh Hefner lives in the mansion with his wife Crystal Harris. ( Alberto E Rodriguez: AFP )

It also said that the sale comes with a major catch — whoever buys it must give Hefner a life estate, meaning he can continue to live in the mansion until he dies.

Forbes magazine describes the mansion as "Gothic/Tudor" and said its amenities include three zoo and aviary buildings, a pet cemetery, a tennis court, waterfall, pool and basketball court.

Numerous visitors to the house have described it as being in a state of disrepair.

Playboy Enterprises did not immediately comment when contacted by AFP.

AFP