The $100 million sale of the prominent mansion is truly a “one-of-a-kind” deal, one of the lawyers involved said.
Two Los Angeles law firms helped closed the $100 million sale of the infamous Playboy Mansion.
On Wednesday, it was revealed that Daren Metropoulos, who already owns the house next door, has closed the deal to buy the legendary mansion which was listed earlier this year for $200 million.
According to The American Lawyer, the law firms Cox, Castle & Nicholson and Eisner Jaffe were involved in the sale.
“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,” Paul Titcher, a Cox Castle real estate partner who worked on the deal, told the publication.
Aside from being one of the most expensive home sales in Los Angeles, Titcher, who declined to go into details with The American Lawyer, said there were issues with the deal one “would not typically see on a residential transaction.”
The 33-year-old Metropoulos, for example, has to let Hugh Hefner live in the house for the rest of his life. Metropoulos has agreed to terms like this.
These were all considered and hashed out by the Cox Castle and Eisner Jaffe teams that worked on the deal.
Also part of the Cox Castle team was real estate partner Ira Waldman and associates Corin Korenaga and Scott Abrahamson. David Buchanan, Metropoulos & Co. general counsel, also worked on the deal, The American Lawyer said.
The publication also reported that Playboy Enterprises Inc. was represented by Eisner Jaffe real estate partner Loretta Thompson and its general counsel Rachel Sagan.
Daren Metropoulos is the son of C. Dean Metropoulos, the founder of private equity firm Metropoulos & Co. which has made a fortune reviving brands like Pabst Brewing and Twinkie-maker Hostess.
According to Forbes, the private equity firm made $750 million reviving Pabst and eventually floating it. The firm along with partner Apollo Global Management sold a majority stake in Hostess last month to Gores Holdings Inc. for $725 million, a massive windfall from the $410 million the two spent in 2013 to buy the failed company.
