Hugh Hefner 'eyes up the sale of Playboy'

Playboy owner Hugh Hefner is reportedly eyeing up a sale of the company.

The Playboy magazine - known for its bunny ears - was started 63 years ago and played a part in sparking America's sexual revolution.

Hefner, 89, is now considering selling Playboy Enterprises, according to reports.

The mogul, who took the adult entertainment group private in 2011 at a value of $207million, has reportedly hired boutique investment bank Moelis & Co. to gauge interest.

A sale of Playboy Enterprises could make between $400m and $500m, sources told the Financial Times.

Circulation of the magazine has fallen in recent years. February's issue was the last to feature nudity and the magazine underwent a revamp for the digital age.

Scott Flanders, the chief executive, told the New York Times at the time: “You’re now one click away from every sex act imaginable for free. And so it’s just passé at this juncture.”

The Playboy Mansion - the site of Hefner's wild parties - was put up for sale in January.

The mansion - which boasts 29 rooms, a wine cellar and a home theatre - comes with a catch.

A condition of the sale is that Hugh Hefner is allowed to remain living at the property.