Playboy Mansion sold for $100 million to next-door neighbour, Daren Metropoulos

Hugh Hefner's Playboy Mansion officially has a new owner: Daren Metropoulos, 33-year-old principal at private-equity firm Metropoulos & Co and co-owner of Hostess Brands.

The iconic home to countless legendary Hollywood parties and fantasies was originally put on the market for $200 million but sold for half that, according to a press release.Built in 1927, the five-acre property features 20,000 square feet of living space, an infamous swimming grotto and one very unique feature: an official zoo license.

Since 1971, Playboy founder Hugh Hefner has presided over the place and used it as both his home and office. It’s the most expensive recorded home sale in Los Angeles County history.

Hefner bought it back in 1971 for a mere $1.1 million. He added a heated swimming pool and a grotto in the 1970s.

Hefner, 90, will remain at the house for the duration of his lifetime, a spokesperson for Metropoulos confirmed to TIME. Metropoulos owns the adjacent property and intends to connect the two estate "at some point after Mr Hefner's tenancy ends."

 "I feel fortunate and privileged to now own a one-of-a-kind piece of history and art," Metropoulos said of the sale. "I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come."