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Hugh Hefner has no plans to leave, however.
The infamous Holmby Hills, California, estate - which listed for a whopping $200 million earlier this year - is now in contract to sell to its next-door neighbor, Daren Metropoulos, The Wall Street Journal reported.
Metropoulos is a principal of the private-equity firm Metropoulos & Co., and a former co-CEO of Pabst Brewing Company. The final selling price for the five-acre property and nearly 20,000-square-foot mansion could not yet be determined.
A Playboy Enterprises representative confirmed the Wall Street Journal's report to Business Insider.
As part of the terms of the sale, Hugh Hefner must be allowed to stay as long as he desires. The estate was sold by Playboy Enterprises, which leases it back to the 90-year-old Hefner.
Metropoulos purchased the next-door estate from Playboy in 2009, reportedly paying $18 million for it. Once Hefner's tenancy ends, Metropoulos apparently intends to connect the two properties into a single 7.3-acre estate.
Gary Gold and Drew Fenton of Hilton & Hyland had the listing, along with Mauricio Umansky of the Agency.
Raisa Bruner wrote an earlier version of this story.