The Holmby Hills estate — owned by Playboy Enterprises — has been bought by Daren Metropoulos, who lives next door to the property, reports tmz.com.
Hugh had put the estate on the market for $200 million. While the sale price has not been revealed, it is claimed it went for over $100 million.
The buyer has agreed to allow the 90-year-old media mogul to remain in the property until he dies.
Daren, whose father is billionaire C. Dean Metropoulos, bought the home next door to the Playboy mansion here for $18 million in 2009.
The Playboy mansion has 22 rooms including a wine cellar, a screening room, a games room, a tennis and basketball court, a waterfall and a swimming pool area.
It also houses the Playboy magazine offices in a separate wing.
The 21,987 square feet Gothic-Tudor style home sits on 5.3 acre and was designed by Arthur R. Kelly in 1927.
Hugh currently lives in the Los Angeles mansion with his wife Crystal Harris, 30.