Financial advisors tell the mogul to cut all unnecessary expenses

Mar 14, 2009 12:21 GMT  ·  By

The recession is now taking its heavy toll on Playboy mogul Hugh Hefner as well. Amidst reports that his health is failing and that he’s finally starting to act more like a man of his age, word has just gotten out that Hefner is selling out the mansion next to his Playboy mansion in a bit to cut down losses his business has recently suffered, according to AFP.

Word in the media has it that the move stems from a piece of advice Hefner’s financial consultants gave, that of cutting all unnecessary expenses. The house next to the mansion, which Hefner owns with his wife, is the first on the list to go – for a cool $28 million, the aforementioned media outlet is informing. However, for this kind of money, one would not only get to live next door to Hugh and his new ladies, but also a one of a kind piece of construction.

“The two-story, 7,300-square-foot (700 square meters) English manor-style personal residence was built in 1929 and purchased by Hefner in 1998. It has five bedrooms, seven bathrooms, a library and commons for staff. Some of the walls are hand-painted, and there is a hand-carved staircase. The home sits on 2.3 acres (one hectare), borders the Los Angeles Country Club and has a pool.” The AFP informs.

However, Hugh selling his property is reason enough for concern, other media outlets are saying. Whereas rumors about the Playboy empire going down because of poor sales and even poorer current economy have been circulating for months now, this is actually the first time that Hefner is reportedly doing something to cut losses. This, together with reports about his failing health, are certainly painting a not too bright picture of the 83-year-old media mogul who virtually made a name for himself on a public persona for whom luxury was everything.

“He looked so old, like he had aged 10 years in the last month and was barely moving. Things aren’t quite the same since Holly and the girls left. Hef loves all the new ones, but I think the transition really took its toll.” insiders were telling Fox News about Hefner’s health, as noted during a recent public appearance.