The Hefner era has come to an end.
The family of Playboy brand founder Hugh Hefner through his Hugh Hefner Trust have decided to sell their last shares in the company for $35 million.
The company who Hugh Hefner Trust is making the deal with is called Icon Acquisition Holdings LLC, who already owns some of Playboy. Icon agreed to pay $15 million for 800,000 shares of the company. The remaining one million shares are being put into escrow, which Playboy is paying for through a $20 million loan.
After the sale, the money will be given to his children and his widow, Crystal Hefner. One of his son’s will continue work for the company, but will have no stake in the company.
Hugh Hefner founded Playboy in Chicago in 1953, which he started with a $1,000 loan from his mother. Hefner is synonymous with Playboy and he was the face of the brand throughout its rise to international fame.
Hefner died on September 27, 2017.