Hefner Family Sells Last Shares In ‘Playboy’ For $35 Million
It’s the end of an era. Hugh Hefner’s family sold its last shares in Playboy Enterprises, losing all ownership of the company.
By Admin on August 2, 2018
The deal was finalized between the Hugh Hefner Trust and the parent company that owns Playboy Enterprises, Icon Acquisition Holdings LLC. The Hefners sold the last of their shares in the company for $35 million.
According to court papers obtained by The Blast, there were two parts to the deal. First, Icon agreed to $15 million for 800,000 shares of the company. The remaining one million shares are being put into escrow, which Playboy is paying for through a $20 million loan.
The money in the deal will then be distributed to Hefner’s kids and his widow, Crystal, and other beneficiaries. One of the mogul’s sons is still working for the company, but has no ownership.
Hefner founded and headed Playboy in 1953 until his death on Sept. 27, 2017.