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Hefner bought the house in the mid-1950s for $400,000 and spent more than $400,000 improving it, according to Wagner. His famous 1970s-era parties were thrown in this home.

Hef eventually fled Chicago for warmer climes and donated the building to the Art Institute of Chicago. The museum was unable to afford the maintenance, however, and sold the property.

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Last updated May 04 2010: 12:20 PM ET
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