Hugh Hefner left strict instructions for the heirs of his fortune to adhere to after his death - including two things they absolutely had to abstain from.
American magazine publisher Hugh Hefner died in 2017 at his Playboy Mansion in Los Angeles, California, aged 91.
The Chicago native, who was married to his third wife Crystal at the time of his demise, left four children behind: Christie, 72, David, 69, Marston, 34, and Cooper Hefner, 33.
According to documents, all four of Hefner’s offspring were named as beneficiaries in his will.
However, if any of them wanted to get their hands on Hefner’s money, they had a strict set of rules to follow.
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Even from beyond the grave, The Girls Next Door star made it clear that he wasn’t going to tolerate his loved ones abusing substances of any kind.
Hefner had been very vocal about his hatred for drugs and alcohol during his lifetime.
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“I’ve hated cocaine from the very outset,” he said during a 1985 chat with Interview magazine.
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“I’ve seen cocaine as a very, very hurtful drug ... What I have to say about alcohol and tobacco is that it kills people ... I smoked a pipe myself without inhaling until I had the stroke in March. And I don’t smoke now.
“We all have a tendency to not deal with our own mortality. And sometimes it takes a tap on the shoulder.”
Because of the health scare Hefner suffered in March 1985, he ruled in his will that if any of his beneficiaries were found to have become ‘physically or psychologically’ dependent on alcohol or drugs, they would have their money revoked.
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Documents obtained by Entertainment Tonight state that trustees in charge of dolling out the will’s contents would determine whether or not the beneficiaries had violated these terms.
It’s also understood that trustees can request beneficiaries to undergo drug and alcohol testing at any time.
If these examinations are failed, then all rights the beneficiaries would have to Hefner’s money would be withdrawn.
“If the trustees reasonably believe that a beneficiary of any trust routinely or frequently uses or consumes any illegal substance so as to be physically or psychologically dependent upon that substance, or is clinically dependent upon the use or consumption of alcohol or any other legal drug or chemical substance that is not prescribed by a board-certified medical doctor or psychiatrist in a current program of treatment supervised by such doctor or psychiatrist, and if the Trustees reasonably believe that as a result the beneficiary is unable to care for himself or herself, or is unable to manage his or her financial affairs, all mandatory distributions to the beneficiary, all the beneficiary’s withdrawal rights, and all of the beneficiary’s rights to participate in decisions concerning the removal and appointment of Trustees will be suspended,” the trust reads.
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It’s understood the magnate’s fortune - estimated between $43 to $50 million at the time of his death - would be allocated to each individual as long as ‘examinations indicated no drug or alcohol use for 12 months’.
Last year, PLBY Group, the company that owns Playboy and related brands, announced its board had rejected Cooper’s $100 million-plus takeover.
“After careful review and consideration of Hefner’s unsolicited proposal, our board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” said Ben Kohn, CEO and a director of PLBY Group, in a statement.
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“While we certainly understand and are appreciative of the interest in Playboy’s unparalleled brand, the Board is confident that the company’s continuing pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders. The board will continue to evaluate all options and opportunities for Playboy.”
In 2011, Hefner took Playboy Enterprises private after 40 years as a publicly traded company, as per Variety.
A decade later, PLBY Group went public via a merger with a special purpose acquisition company (SPAC). It is currently led by Kohn.
Topics: Celebrity, Money, US News, Playboy, Hugh Hefner
Ella Scott