Hugh Hefner was an entrepreneur and magazine publisher best known as the creator and previous editor-in-chief of Playboy magazine. Hefner was born to Glenn Lucius Hefner and Grace Caroline (Swanson) Hefner on April 9, 1926, in Chicago, Illinois. Hefner worked as a U.S. Army journalist for a military publication from 1944 to 1946 after finishing his college. He continued his education at the University of Illinois at Urbana-Champaign, where he earned a Bachelor of Arts in psychology with a double minor in art in 1949. Hefner married Mildred Williams, his first wife, in the same year; they were divorced in 1959.
In 1989, Hefner wed actress and model Kimberley Conrad; the union ended in divorce in 2010. Later, in 2012, he wed the fashion model Crystal Harris. In his first marriage, he fathered Christie and David, and in his second, Marston and Cooper. The well-known publisher passed away on September 27, 2017, at the age of 91. His story is featured in the A&E series “Secrets of Playboy.” Consider us your ally if you are interested in learning more about Hefner’s career and wealth at the time of his passing!
How Did Hugh Hefner Make His Money?
Hugh Hefner worked as a copywriter for Esquire after graduation until January 1952. Hefner quit the magazine to launch his own business after being turned down for a raise. With the help of 45 investors, including his mother and himself, he was able to raise $8,000. Hefner got the classic Marilyn Monroe portrait from a 1949 nude calendar shot the actress undertook using a pseudonym for his Playboy magazine, which he published in December 1953. He was surprised to learn that the issue established the magazine by selling more than 50,000 copies.
Hefner decided to broaden his brand as a result of the magazine’s popularity. He was the host of the variety/talk programme “Playboy’s Penthouse” in 1959, which ran in syndication until March 1961. Along with the magazine, he established Playboy Enterprises, the parent company of the Playboy Club series of nightclubs and hotels. From 1960 until 1986, the firm ran forty of these clubs and resorts. The clubs stopped operating in 1991. Additionally, Hefner’s organisation ran a number of casinos in the Bahamas, England, and the United States, all of which were later shut down. He also released a book in 1963 called “The Playboy Philosophy.”
Hefner’s production firm returned to the entertainment industry in 1969 with “Playboy After Dark,” which ran until 1970. Hefner’s business expanded its offerings beyond the Playboy Clubs and the magazine to include sexual health goods, fashion sales, gaming and leisure products, and beauty and grooming items, boosting its revenue. Hefner voiced and appeared in a number of shows during the 1990s and 2000s, including “The Simpsons” and “Curb Your Enthusiasm.” He co-created and starred in the reality series “The Girls Next Door” in 2005.
Hefner’s Playboy Enterprises made a sizable profit by granting licences for the use of the Playboy name, the Rabbit Head look, and other corporate trademarks and artwork. The brand value of the corporation generated 65% of its revenue in 2013. Hefner teamed up with the private equity firm Rizvi Traverse in 2011 to pay around $217 million to buy his own company and take it private. Instead of taking the cash, he gave Rizvi his shares in exchange for a small equity part in the new business, a $1 million income, and the right to rent Playboy Mansion for $100 per year.
According to rumours, Hefner bought his wife Crystal Hefner a 5,900-square-foot home in the Hollywood Hills in 2013. Hefner sold the Playboy Mansion for $100 million in 2016, however it appears that he did not get the money. The money wasn’t counted among his assets because the residence belonged to the business. Even though the company’s earnings was not transferred to Hefner after the sale to Rizvi, Hefner didn’t care to keep the brands.
Hefner reportedly owned about 36.7% of Playboy Enterprises International when the business was sold. On September 27, 2017, Hugh Hefner passed away at the Playboy Mansion in Holmby Hills, Los Angeles, California. His sons David, Marston, and Cooper Hefner, as well as daughter Christie Hefner, reportedly received his estate. Additionally, according to reports, he gave the University of Southern California Film School and other charities a portion of his estate.
Hugh Hefner’s Net Worth
At the time of his passing, Hugh Hefner’s net worth was thought to be over $50 million. Hefner’s assets and net worth significantly declined after the sale of his business, and in his final years, he did not own much real estate.
