Famed Playboy (Owner) and Celebrity Hugh Hefner passed away on September 27th at the age of 91.
With an estimated net worth of $50 million at the time of his death, a young wife, multiple ex-wives and ex-girlfriends, and four children to boot, who will end up with Hugh Hefner’s fortune?
His last will and testament, along with any Trusts he created, have not been made public – but rumors are circulating about who will benefit:
According to reports an “ironclad” prenuptial agreement was signed prior to his third marriage to Crystal Harris, leaving her out of the will. But don’t be too concerned for Crystal’s welfare, Hef bought her a $4.9 million house in the Hollywood Hills just four months after their marriage. And TMZ reports the ultra luxe home is held in a trust Ms. Harris controls. There may have been additional money left for in Hef’s trust as well. In life, Hefner was known as being generous, and it appears his generosity continues in death as well.
Playboy’s global brand is worth an estimated $110 million and Hefner owned 35%. He owned 100% of Playboy magazine, whose sales have declined over the years, but still reportedly supplied about $100,000 to his revenue stream.
The famous Playboy Mansion was previously owned by Playboy Enterprises, but sold last year for $100 million to Hef’s neighbor, Daren Metropoulos. Hefner was allowed to live there until his death, in what is known in Estate Planning as a Life Estate.
Hugh Hefner had four adult children. According to multiple sources, the children will inherit the bulk of his estate, along with the University of Southern California Film School and several charities. His daughter, Christie Hefner, was formerly CEO of the Playboy empire and his youngest son, Marston, is currently the Chief Creative Officer of Playboy Enterprises.
The Bottom Line
Preliminary information about Hefner’s Estate (including Holly Madison’s Will on the bed story) point to everything being pretty well organized. And unlike billionaire news magnate Sumner Redstone, it does not appear Hefner exhibited signs of dementia that led to accusations of financial elder abuse. Nor did Hef attempt to do what has started so many monstrous trust and estate litigations – give a huge chunk of money to a much younger wife or girlfriend. Think Anna Nicole Smith or Saint’s owner Tom Benson.
Nevertheless, time will tell. To learn more about iron clad estate planning and how to prevent financial elder abuse, call our Walnut Creek Trust and Estate Law Firm for a consultation. 925-322-1795