Hugh Hefner was an American businessman who is most well-known for launching Playboy magazine. He was noted for his entrepreneurial spirit. Hugh Hefner had a net worth of $50 million at the time of his passing in September 2017, when he passed away. Hugh’s financial situation went through several big ups and downs throughout his life. During its heyday in the late 1960s and early 1970s, when the company was at its most successful, it turned a profit of tens of millions of dollars thanks to the rapid expansion of an empire that comprised clubs and casinos. Hugh, unfortunately, was slow to adjust to the digital environment and the shift away from printed periodicals. At the time of his passing, the corporation had been reduced to a mere shadow of its former self and was mostly running as a business that licensed intellectual property. After several financial reorganizations, Hugh did not truly possess the bulk of the company or the home at the time of his passing away. At the time of his passing, Hefner owned thirty-five percent of the Playboy brand as well as one hundred percent of what was still published in the magazine.
Hugh Hefner Early Life
Hugh Hefner was born on April 9th, 1926, in Chicago, Illinois. Grace Caroline Hefner gave birth to Glenn Lucius Hefner. As an accountant and a teacher, they were both from Nebraska. Keith, his younger brother, is the only one he shares his life with. He attended Sayre Elementary School and Steinmetz High School in Sayre, Pennsylvania. Hugh served in the U.S. Army from 1944 to 1946 as a military newspaper writer. Alumnae of Champaign-University Urbana of Illinois earned their degrees there in 1949. In just two and a half years, he completed a Bachelor of Arts in Psychology with a double minor in Creative Writing and Art. He completed one semester of graduate work in sociology at Northwestern University, but then dropped out.
Hugh Hefner Personal Life
In 1949, Hefner tied the knot with Mildred Williams, his high school sweetheart. She admitted to Hefner that she had an affair with him while he was in the Army before their wedding. Since the admission, he has indicated that it has been terrible. Mildred is said to have let him have sex with other women because she was ashamed of her adultery. In 1959, the two of them went their ways. Christie and David were the names of their two children. His new persona as a “man about town” aligned perfectly with the one he portrayed in Playboy after his divorce. He acknowledged having relationships with eleven of the twelve Playmates he’d met during the year. Hefner married Kimberley Conrad, a woman 36 years his junior, in 1985 after suffering a small stroke at the age of 58. Marston and Cooper were their two sons. They divorced in 2010 but had been living apart for more than a decade before that point. From 2012 to his death, he had a third wife, Crystal Harris (now Hefner).
Hugh Hefner’s Net Worth
Hugh Hefner put his net worth at $43 million in 2009 documentation filed as part of a divorce. Hefner’s fortune soared to over $200 million during the height of Playboy. Magazine sales have declined quickly over the past 10-15 years, which has hurt the company’s performance. Between the years 2000 and 2010, the stock price of Playboy dropped by 80%. Hefner and private equity firm Icon Acquisition Holdings purchased the company in 2011. In the end, Rizvi Traverse, a private equity firm, purchased Icon. Hefner held 35% of the Playboy brand and 100% of the real magazine at the time of his death.
Here is how Hefner broke down his finances in a court filing back in 2009: