The Playboy Mansion is up for sale, but longtime resident Hugh Hefner wants to stay put.

Playboy Enterprises announced the West Los Angeles estate, the backdrop of many film shoots and celebrity parties, was listed Monday for $200 million.

As a condition of the sale, 89-year-old magazine founder Hefner can continue living there as he has since the company bought the mansion 45 years ago for just over $1 million, company spokesman John Vlautin said.

A view of the Playboy Mansion in a Jan. 11, 2007, file photo in Beverly Hills. GABRIEL BOUYS / AFP – Getty Images

The sale comes as Playboy, which has been has seen its circulation plunge as it competed with more sexually explicit magazines and online porn, seeks to reinvent itself. In October, the magazine that helped launched the sexual revolution announced that it will stop running photos of completely naked women in its U.S. print edition.

The move followed a decision in August 2014 to ban full nudity on its website.

Playboy CEO Scott Flanders says the sale would help the company “reinvest in the transformation of our business.”