AceShowbiz -

Have you ever dreamed of owning the Playboy Mansion? It can be yours for $200 million, with one condition: you have to allow previous owner Hugh Hefner to live in the residence for the remainder of his life.

Playboy Enterprise announced the big mansion, which is located in West Los Angeles and has become the location of many film shoots and wild parties, hit market on Monday, January 11. "A condition on the sale would be that Mr. Hefner be able to continue to work and live in the residence," Playboy spokesman John Vlautin said.

"This is the right time to seek a buyer for this incredible property who understands the role the Mansion has played for our brand and enables us to continue to reinvest in the transformation of our business," Playboy Enterprises CEO Scott Flanders said in a statement. "The Playboy Mansion has been a creative center for Hef as his residence and workplace for the past 40 years, as it will continue to be if the property is sold."

There are 29 rooms in the 5-acre property, including a wine cellar, a screening room, chef's and catering kitchens and a game room. It also features a home theater and a cave-like grotto, complete with the famous swimming pool. The Gothic building possessed a rare zoo license, allowing the likes of albino peacocks, monkeys and other exotic birds to live in it.

Hefner and Playboy bought the mansion in 1971 for just over $1 million. "At the time Hef and Playboy purchased the home, it was the largest real estate transaction in Los Angeles history," agent Gary Gold said in the news release.