Hugh Hefner, the creator and former editor-in-chief of Playboy magazine, was a magazine publisher and entrepreneur.
Hefner was born in Chicago, Illinois, to Glenn Lucius Hefner and Grace Caroline (Swanson) Hefner on April 9, 1926. From 1944 until 1946,
Hefner worked as a U.S. Army journalist for a military publication after finishing his college. Then, he went on to the University of Illinois at Urbana–Champaign, where he earned a Bachelor of Arts in Psychology with a double minor in Creative Writing and Art in 1949.
Hefner married Mildred Williams, his first wife, in the same year, and the couple divorced in 1959.
In 1989, Hefner married model and actress Kimberley Conrad, who he divorced in 2010.
In 2012, he married model Crystal Harris. In his first marriage, he had Christie and David, and in his second, he had Marston and Cooper.
The popular publisher, whose life was chronicled on A&E’s ‘Secrets of Playboy,’ died on September 27, 2017, at the age of 91.
Consider us your ally if you’re inquisitive about Hefner’s career and net worth at the time of his death.
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Hugh Hefner’s Wealth: How Did He Make Money?
Hugh Hefner worked as a copywriter for Esquire magazine after graduation until January 1952.
Hefner left the magazine after being denied a raise and started his own. He was able to acquire $8,000 from 45 investors, including his own money and that of his mother.
Hefner published the inaugural issue of Playboy in December 1953, including an image of Marilyn Monroe that he had acquired from a 1949 nude calendar session the actress did under a pseudonym.
Surprisingly, the issue went on to sell over 50,000 copies, launching the magazine.
Hefner decided to grow his brand as a result of the magazine’s popularity. He hosted ‘Playboy’s Penthouse,’ a variety/talk show that aired until March 1961 in syndication.
Along with the magazine, he formed Playboy Enterprises, which held the Playboy Club chain of nightclubs and resorts.
From 1960 through 1986, the firm owned and operated forty such clubs and resorts. The clubs’ operations stopped in 1991.
Hefner’s company also ran a number of casinos in the United States, England, and the Bahamas, all of which eventually closed. He also wrote a book called ‘The Playboy Philosophy‘ in 1963.
Hefner’s company returned to show business in 1969 with the film ‘Playboy After Dark,’ which ran until 1970.
After that, Hefner’s company diversified its output with sexual health items, fashion sales, gaming and lifestyle products, and beauty and grooming products, in addition to the Playboy Clubs and the magazine, increasing revenue.
Hefner voiced and appeared in various productions during the 1990s and 2000s, including ‘The Simpsons‘ and ‘Curb Your Enthusiasm.’ He developed and starred in the reality series ‘The Girls Next Door‘ in 2005.
Hef on the set of Playboy's Penthouse TV Show in 1960. #FlashbackFriday #HughHefner #hmhfoundation #Playboy #PlayboyClub pic.twitter.com/LXZYf6F8JS
— Hugh M. Hefner (@hughhefner) October 29, 2021
Hefner’s Playboy Enterprises made a lot of money by licencing the Playboy name, Rabbit Head logo, and other corporate images, trademarks, and artwork.
The company’s brand value generated 65 percent of its sales in 2013. In 2011, Hefner teamed up with Rizvi Traverse, a private equity group, to buy his own company for $217 million and turn it into a private company.
Rather than collecting the money, he sold his stock to Rizvi in exchange for a minority part in the new company, a $1 million annual salary, and a $100-per-month rent at Playboy Mansion.
According to sources, Hefner purchased a 5,900-square-foot home in the Hollywood Hills for his wife Crystal Hefner in 2013.
Hefner sold the Playboy Mansion for $100 million in 2016, but he did not appear to get the money.
The money was not included in his assets because the mansion was held by the firm.
Hefner didn’t even care for the company’s brands, whose earnings weren’t passed to Hefner after the sale to Rizvi.
Hefner reportedly possessed around 36.7 percent of Playboy Enterprises International when the company was sold.
Hugh Hefner died in the Playboy Mansion in Holmby Hills, Los Angeles, on September 27, 2017.
Christie Hefner and his sons David, Marston, and Cooper Hefner are said to have inherited his assets. He may have also bequeathed a portion of his estate to the University of Southern California Film School and other nonprofits, according to reports.
Hugh Hefner Net Worth
Hugh Hefner’s net worth was reported to be around the US $50 million at the time of his death.
However, Hefner’s assets and net worth plummeted once his company was sold, and he didn’t own any real estate in his final days.
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Hef with Ella Fitzgerald at the Playboy club in Chicago. #HughHefner #Playboy #hmhfoundation pic.twitter.com/iEHarYXoxF
— Hugh M. Hefner (@hughhefner) October 26, 2021
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