BEVERLY HILLS, CA (CBS SF/AP) – The deal is done, and the Playboy Mansion has a new owner.

Daren Metropoulos, former owner of Pabst Brewing Company, who lives next door to Hefner said on Tuesday that escrow closed on his $100 million purchase of Hugh Hefner’s “man cave.” But the 33-year-old principal in investment firm Metropoulos & Co. won’t necessarily be moving in any time soon.

READ MORE: Video: Motorist Rescued From Fiery Freeway Crash In San Jose
BEL AIR, CA - JULY 15:  Playboy founder Hugh Hefner and six of his Playmates look on during Fight Night at the Playboy Mansion on July 15, 2003 in Bel Air, California.  (Photo by Donald Miralle/Getty Images)

Playboy founder Hugh Hefner and six of his Playmates (credit: Donald Miralle/Getty Images)

Under terms of the deal, Playboy’s 90-year-old founder may stay there for the rest of his life. After Hefner leaves, Metropoulos plans to connect the 5-acre Playboy estate to his 2-acre digs next door. The homes, built in the 1920s, were originally one estate.

Hefner bought the Playboy Mansion for $1.05 million in 1971, quickly turning it into a sexual playground. In its heyday, it was the scene of countless celebrity-filled parties and innumerable tales of sexual shenanigans.

READ MORE: Mothers Tearfully Remember Children Slain In Bay Area Homicides

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

MORE NEWS: With Playoff Dreams Dancing In Their Heads; San Francisco 49ers Fans Return To Levi's Stadium