Playboy Bunny House on Sale for $11 Million: Signs of Trouble?
The former Playboy Bunny house has been posted for sale at the price of $11 million.
The "Bunny" house, which is just a few blocks away from the actual Playboy Mansion, was built in the 1960s. With over 6,690-square-foot it has 5 bedrooms, 6.5 baths, 1.3 acres of land, an oasis waterfall, pool and spa. It has been the temporary home to many famous women including Jayde Nicole and former "Amazing Race" contestant Jaime Edmondson, according to TMZ.
The last time that entertainment mogul Hugh Heffner sold one of his homes was during the 2008 economic depression when his company was allegedly facing bankruptcy. At the time, shares in the company had dropped from over $9 down to less than $3.
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"Only the top brass has known for a while how bad things have been for Hef recently," a source told The Telegraph U.K. in 2008 after Heffner was advised to sale property and cut back on employment.
In 2011, the stock was still suffering when Hefner agreed to buy out minority shareholders at $6.15 a share. The buyout was a huge loss to early investors in the 1970s, who lost about 48 percent of their money in the deal according to The Los Angeles Times.
"The brand resonates today as clearly as at any time in its 57-year history," Hefner said in 2011. "I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world."
At the time, Chief Executive Scott Flanders projected that it would take about "three to five years" to turn the company around again.
"I know better than anyone the challenges we face in the near term," Flanders said. "Being private will enable us to take a three- to five-year horizon on the transformation we're trying to implement, rather than be burdened by the quarterly pressures and challenges inherent in being public."
Two years later, and the bunny house is up for sale.
