Hugh Hefner's estate will be selling off his ownership of Playboy, which he held a 33.8% equity interest in.
Hugh Hefner's estate will be selling off his ownership of Playboy.
The trustee of the estate has been given permission to sell all his ownership in Playboy, which he founded in 1953. At the time of his passing, Hefner owner a 33.8% equity interest in Playboy.
Adam Streisand, the attorney for Hefner's estate, told The Blast: ''Hef was an American original. He left Playboy in great hands, but with Hef gone, it's time for us to close that chapter and focus the future on Hef's charitable vision.''
Hefner's children will be able to keep their jobs within the company, but will just act as employees rather than have any ownership of the magazine.
It comes after it was revealed Hefner put a clause in his will that said his widow and children must stay away from drugs to inherit his fortune.
The documents state: ''If the trustees reasonably believe that a beneficiary of any trust routinely or frequently uses or consumes any illegal substance so as to be physically or psychologically dependent upon that substance, or is clinically dependent upon the use or consumption of alcohol or any other legal drug or chemical substance that is not prescribed by a board certified medical doctor or psychiatrist in a current program of treatment supervised by such a doctor or psychiatrist, and if the Trustees reasonably believe that as a result the beneficiary is unable to care for himself or herself, or is unable to manage his or her financial affairs, all mandatory distributions (including distributions upon termination of the trust) to the beneficiary, all of the beneficiary's withdrawal rights, and all of the beneficiary's rights to participate in decisions concerning the removal and appointment of Trustees will be suspended.''