The Playboy Mansion has a new owner and he doesn't wear a smoking jacket or smoke a pipe.

FOX's Michelle Pollino reports: 

Daren Metropoulos, who lives next door to the Playboy Mansion is the new owner of the famous pleasure pad. Metropoulos released a statement saying, "I feel fortunate and privileged to now own a one-of-a-kind piece of history and art."

The 33-year-old son of billionaire C. Dean Metropoulos will not necessarily be moving in any time soon though, under terms of the deal, Playboy's 90-year-old founder Hugh Heffener may stay there for the rest of his life.

After Hefner leaves, Metropoulos plans to connect the five-acre Playboy estate to his two-acre digs next door.

The homes built in the 1920's were originally one estate.

Michelle Pollino, FOX News.

Follow Michelle Pollino on Twitter: @MichelleFOXEnt