After five years of construction, the $10 million renovation of Hugh Hefner’s iconic Playboy Mansion in Los Angeles is nearing completion.
Snack food mogul Daren Metropoulos, who acquired the Holmby Hills estate for $100 million in 2016, has led the comprehensive modernization of the 29-room property, blending luxury amenities with careful historical preservation. Now, after half a decade, the new owner is finally seeing the fruits of his labor.
Metropoulos, 46, recently sold Hostess Brands to Smuckers in a blockbuster $5.6 billion deal, further cementing his reputation as a savvy businessman. He brought on renowned celebrity architect Richard Landry to oversee the 18,000-square-foot mansion’s transformation.
The Renovation
This was a smart move as Landry is known for his work with high-profile clients like Tom Brady, Kylie Jenner, Rod Stewart, and Mark Wahlberg, and has a reputation of infusing bold structural upgrades and sleek modern design throughout the estate.
According to the Daily Mail, the project expanded a 650-square-foot staff house into a 4,400-square-foot residence and added a 1,200-square-foot guest house. Among the new luxury amenities are a state-of-the-art golf simulator, an expanded movie theater, and a modernized dumbwaiter system. A standout feature is the 42-by-23-foot solarium with a spa-like jacuzzi and cold plunge pool.
Even the infamous grotto, once linked to a 2011 Legionnaires’ disease outbreak after the deadly bacteria was found in the famed hot tube, has been completely overhauled with new plastering and upgraded water features.
With his designer, he made landscaping improvements across the five-acre property, including manicured hedges, decorative streams, and elaborate flowerbeds, alongside a new tennis court and a grand fountain at the entrance. Although much of the outdoor work is complete, some landscaping projects are still ongoing.
Inside the main house, extensive repairs addressed years of neglect, including termite and dry-rot damage in the original wooden framing. New skylights and roofing were added, and the kitchen, family rooms, and bathrooms were modernized. Building permits also show plans for a contemporary elevator cab and an expanded rear terrace deck, designed for upscale outdoor entertaining.
Metropoulos, with an estimated net worth of $600 million according to Celebrity Net Worth, lives next door and plans to combine the two properties into a mega-resort-like estate. This ambitious endeavor reflects his knack for transforming assets into high-value investments.
His track record of business success is no coincidence. Metropoulos has proven himself a master at revitalizing iconic brands. As CEO of Pabst Brewing Company, he orchestrated the beer giant’s revival. After his family acquired the company in 2010 for $250 million, they implemented a strategic overhaul that boosted profitability. Just four years later, they sold Pabst for an impressive $750 million.
This business acumen runs in the family. Daren’s father, billionaire investor C. Dean Metropoulos, has built a $3.4 billion fortune by acquiring and revitalizing major consumer brands such as Bumble Bee Foods, Hostess, and Pabst. Following in his father’s footsteps, Daren played a pivotal role in Hostess Brands’ turnaround, helping rescue the iconic snack company from bankruptcy. His leadership ultimately led to its $5.6 billion sale to Smuckers in 2023.
With his plans for the Playboy Mansion, Metropoulos continues to apply the same vision that has defined his career. By merging the estate with his adjacent property, he aims to create a sprawling destination that reflects both his personal and professional brand.
The Playboy Mansion itself is steeped in history. Built in 1927 for department store heir Arthur Letts Jr., the property was purchased by Hugh Hefner in 1971 for $1 million. Following Hefner’s death in 2017, Metropoulos began the extensive renovation, determined to honor the estate’s legacy while bringing it into the modern age.
With its renewed grandeur, the estate is poised to reclaim its place as a symbol of opulence and exclusivity in Los Angeles real estate.