The 20,000-square-foot house is situated on the edge of the Los Angeles Country Club in the Holmby Hills neighborhood, right between Beverly Hills and Westwood.
The five-acre property includes both the main mansion and a four-bedroom guesthouse.
For decades, invitations to Playboy Mansion parties have been highly coveted, and stories of the wild nights here are part of Hollywood legend.
With 29 rooms, the mansion boasts plenty of space to spread out.
Designed in a Gothic Tudor style in 1927, Hugh Hefner has made it the home base of his empire for the last half-century.
Inside, you'll find a home theater, wine cellar, separate game house, and gym — in addition to all of the usual bedrooms, of course.
There's also a tennis court, a private redwood forest, a swimming pool, and the infamous, cave-like "grotto," the setting of many an evening adventure.
If you're in the mood to create a menagerie, have at it: the mansion is one of the few private Los Angeles residences that has a zoo license.
The company bought the mansion 45 years ago for just over $1 million. It was a historically high price for the area at the time.
But it seems to have been a good investment. The $200 million asking price is one of the highest private residence prices in the US.
Hefner expects to be given a "life estate" at the mansion, meaning he'll be allowed to stay on until his death.
The mansion has figured heavily in Hollywood lore, making appearances in shows like HBO's "Entourage" as the ultimate party palace.
It has been used by Playboy as the site of many of its largest parties and events.
As Playboy evolves — recently removing full nudity from its print and digital editions — so, too, does the future of the Mansion.
