Cox, Castle & Nicholson Represents Buyer in $100M Purchase of Playboy Mansion
Los Angeles – (Aug. 17, 2016) Cox, Castle & Nicholson, one of the largest real estate law firms in the United States, announced the closing of its client’s acquisition of the iconic Playboy Mansion.
Cox, Castle & Nicholson represented the buyer, next-door neighbor Daren Metropoulos, a principal at the private-equity firm Metropoulos & Co., in the transaction. The $100 million purchase price for the 5-acre property, located in the Holmby Hills neighborhood of Los Angeles, is believed to represent the largest price ever paid for a single-family home in Los Angeles.
“This was not a typical residential purchase transaction,” said Cox, Castle & Nicholson partner Paul Titcher, who led the team of Cox Castle attorneys handling this transaction that also included Ira Waldman, Corin Korenaga and Scott Abrahamson. “Not only was this one of the most expensive home purchases in the history of L.A., but the transaction also involved several highly unique and complex negotiated arrangements between the buyer and seller. This was truly a one-of-a-kind deal.”
The mansion was originally designed in 1927 and purchased by Playboy Enterprises in 1971 for $1 million. The property includes a 22,000-square-foot gothic Tudor house, several accessory structures including a game house and one of the few private zoos in Los Angeles which houses numerous monkeys and exotic birds.
The Buyer bought his current home next door to the Playboy Mansion from Mr. Hefner in 2009. He intends to eventually connect the two properties to form one private estate.
About Cox, Castle & Nicholson
Cox, Castle & Nicholson, one of the largest full-service law firms specializing in real estate in the United States, delivers strategic legal counsel and services to developers, lenders, investors, joint ventures, pension funds, landlords, tenants, high net-worth individuals and others to manage their complex real estate, business and litigation challenges. Founded in 1968, Cox, Castle & Nicholson has more than 130 transactional and litigation attorneys in offices in Los Angeles, Orange County and San Francisco. Cox, Castle & Nicholson has received many awards and distinctions for its dedication to clients and success in the legal and business community including, most recently, Law360’s 2015 list of California Powerhouses, Law360’s list of Mightiest Real Estate Practice Groups and “2015 Law Firm of the Year” for land use and zoning by U.S. News & World Report and Best Lawyers. For more information, visit www.coxcastle.com.