Recession forces Hefner to sell LA property at low price

London (ANI): Hugh Hefner is the latest celebrity to be hit by the global recession, for the Playboy owner has reportedly sold his English Manor mansion in Los Angeles for 10million dollars less than the asking price.

According to the Times reports, Hefner had purchased the seven-bedroom manor with his wife and ex-Playboy Playmate, Kimberley. It has been reported that Daren Metropoulos, a Beverly Hills entrepreneur and son of a wealthy investor, has bought the property for 18 million dollars, reports the Telegraph.

These 18 million dollars could be used to cover up the losses of Playboy Enterprises. The company's value had fallen from almost 1 billion dollars to just 84 million dollars.

To save money, Playboy merged its July and August issues. Last week the full extent of the company's financial crisis was made public when it reported a second-quarter loss of nearly 9 million dollars, more than double the loss of 3.2 million dollars for the same period the previous year.