It seems Hugh Hefner might have to sell the legendary Playboy Mansion, along with his collection of artwork, to pay off his investors.
By March 15, 2012, Hefner must pay $115 million to investors who will demand payment of their convertible bonds.
Playboy only has $26.5 million in cash and $9.9 million in operating cash flows in nine months, which is hardly any in reserve.
"I know that Mr. Hefner has a profound concern about the refinancibility of those bonds," said CEO Scott Flanders.
The board is also facing pressure over a buyout offer from Marc Bell, owner of Penthouse.
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