Hefner had put the estate on the market for US$200 million (NZ$289m)and while the sale price has not yet been revealed, it has been claimed that it went for more than US$100 million (NZ$145m).
And the buyer has agreed to allow the 90-year-old media mogul to remain in the property until he dies.
Metropoulos, whose father is billionaire C Dean Metropoulos, bought the home next door to the Playboy mansion in Los Angeles for US$18 million in 2009.
The property has 22 rooms including a wine cellar, a screening room, a games room, a tennis and basketball court, a waterfall and a swimming pool area.
It also houses the Playboy magazine offices in a separate wing.
The 21,987-square-foot Gothic-Tudor style home, sits on 5.3 acres and was designed by Arthur R Kelly in 1927.
Hugh currently lives in the Los Angeles mansion with his wife Crystal Harris, 30.
Earlier this year, it was reported that 73-year-old businessman Larry Flynt - who owns Larry Flynt Publications, the publisher behind pornographic magazine Hustler - was keen to put a bid in on the legendary mansion but did not believe it was worth $200 million.
Harry Mohney, whose company operates the Hustler Club chain, said: "Larry and I have talked about it and are preparing a bid. We feel it is an excellent place for The Hustler Club and Hustler Mansion.
"Hef lost the fact and focus that he was in the sex business and magazine business. He thought he was Vanity Fair and lost that he was in the business of the erotic.
"We are not going to offer half that much. I don't know where he got that figure from. Certainly it would require an appraisal of the value ... We spoke and discussed some figures, and he thought the Hustler Mansion had huge potential."
