Hugh Hefner arrives at Stansted Airport on June 2, 2011 in Stansted, England. Getty images[/caption]As the founder of Playboy magazine, it’s no surprise that Hugh Hefner accumulated a large sum of money over the course of his accomplished life. Recent estimates suggest the businessman had an estimated net worth of about $50 million at the time of his death.
Read on to learn more about Hugh Hefner’s net worth.
1. His Net Worth Was Reportedly over $200 Million at Playboy’s Peak
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Playboy Founder and Editor in Chief Hugh M. Hefner (L) and 2014 Playmate Of The Year Kennedy Summers and the MINI USA Mascot attend Playboy’s 2014 Playmate Of The Year Announcement and Reception at The Playboy Mansion on May 15, 2014 in Holmby Hills, California.[/caption]Hefner is said to have launched Playboy after asking for $8,000 in loans from friends, relatives, and the bank. He, himself, contributed just $600 to the magazine’s premiere publication. The first issue of Playboy hit newsstands in December 1953. According to INC, nationwide sales of the first issue reached 50,000.
By 1971, Playboy was selling 7 million copies each month.Gazette Review reports that Playboy was making $12 million a year at the time– the equivalent of $70 million annually today.
2. The Playboy Mansion Was Sold for $100 Million in August 2016
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The All-New 2017 Fiat 124 Spider at Playboy’s 2016 Playmate of the Year Announcement at the Playboy Mansion on May 11, 2016 in Los Angeles, California.[/caption]In August 2016, Hefner sold the famous Playboy mansion to 33-year-old Daren Metroupoulos for $100 million. Metroupoulos, the son of billionaire investor C. Dean Metropoulos and principal at the investment firm Metropoulos & Co, purchased the home under the condition that Hefner would be allowed to remain in the residence for the remainder of his life, according to the LA Times. The outlet reported that Playboy Enterprises agreed to pay $1 million a year to lease the property.
The estate was initially listed for $200 million. It was acquired in 1971 for about $1.1 million.
3. He Had a Modest Upbringing
https://www.youtube.com/watch?v=xbtUNpN4uSs
Hefner came from humble beginnings. Born in Chicago on April 9, 1926, he was the first child of Grace Caroline and Glenn Hefner, who were both teachers and strict Protestants.
As a boy, Hefner filled his time illustrating cartoons and writing. He’s said to have sold copies of his own typewritten newspaperfor a penny each. He also reportedly served as student council president. Speaking to the Chicago Tribune in 1994, Hefner said:
I had a very happy and very inventive childhood in my old Chicago neighborhood on the Northwest Side, between Oak Park Avenue and Harlem. The closest busy street to us was Grand Avenue, which led straight into the heart of the city.
During WWII, Hefner served as a writer for a military newspaper in the Army. He graduated from the University of Illinois at Urbana Champaign in 1949 with a BA in Psychology and a double minor in creative writing and art.
4. Playboy Stock Prices Fell Drastically Between 2000 and 2010
Playboy reached its peak in the mid 1970s. Over the last 15 years, however, magazine sales have decreased dramatically, threatening the Playboy empire.
According to data from the Publishers Information Bureau, the magazine sold 765 ad pages in 2000, and only 311 in 2009. That same year, the magazine reduced its circulation schedule to 11 issues a year. In 2011, a leveraged buyout resulted in Hefner losing about 80 of his shares in Playboy, according to Coed.
5. He Has Donated Money to the Democratic Party, Film Schools, and Autism Research.
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Playboy Magazine owner Hugh Hefner and Crystal Harris arrives at the TCM Classic Film Festival’s gala opening night world premiere of the newly restored film “A Star Is Born” at Grauman’s Chinese Theatre on April 22, 2010 in Hollywood, California.[/caption]While he made a great deal of money, Hefner also donated large sums to a variety of causes. In 2016, he donated $2 million to the University of Southern California’s School of Cinematic Arts. Three years prior, Hefner and Jenny McCarthy raised money to fund Autism research.
While he made a great deal of money, Hefner also donated large sums to a variety of causes. In 2016, he donated $2 million to the University of Southern California’s School of Cinematic Arts. Three years prior, Hefner and Jenny McCarthy raised money to fund Autism research.
A 2000 New York Times article reports that from 1990 to 2000, Hefner and his daughter, Christie, donated about $95,000 to Democratic candidates and committees.
, As the founder of Playboy magazine, it’s no surprise that Hugh Hefner accumulated a,BoredPotato
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