The famed Los Angeles mansion of Hugh Hefner, founder of the Playboy empire, is under contract to be sold to private equity executive, Daren Metropoulos, Hefner’s next-door neighbour, a Playboy Enterprises spokesman said.

Sex, money, betrayal: The bizarre brawl between American Apparel and its founder, Dov Charney, has all that and more. But now this tabloid tale is coming down to a seemingly staid bit of finance: The bonds.