Hugh Hefner, founder of Playboy magazine, bought the Los Angeles property in 1971 for $1 million.

The property is on the market today for $200 million. The property's main value is said to be in its land - five acres in exclusive Holmby Hills, part of Los Angeles' 'Platinum Triangle'. The mansion itself, which has 29 rooms, is said to be in disrepair. 

Hefner, the 89-year-old founder of Playboy, is still living and working in the famous mansion, but is said to be frail. The sale will be structured so that Hefner can remain living in the home.

The ambitious price tag makes the Playboy Mansion the most expensive property for sale in the US.

Not surprisingly for the world's most famous party house, the property comes with notable features, including a zoo license, a four-bedroom guest house, tennis court, swimming pool, waterfall, gym, wine cellar, screening room, and catering kitchen.

The property is listed with Drew Fenton and Gary Gold of Hilton & Hyland, and Mauricio Umansky of The Agency.