Playboy Mansion It's NOT a Teardown!!!

1/12/2016 12:50 AM PST BY TMZ STAFF

0111_irreplaceable_playboy_mansion_launchThe Playboy Mansion may not be leveled for a brand new mansion after it's sold, because we've learned Hugh Hefner himself commissioned plans to expand the crib and bring it up to date.  

Sources connected to the property tell us, there are plans to expand and restore the 20,000 square foot mansion, which was built in 1927. We're told Hef had the idea of doing it himself but the years caught up with him and he never went through with it. 

Our sources say the plans call for expanding the property to around 35,000 square feet, which would be an appropriate size for the main house on 6 acres of prime real estate in Holmby Hills. 

We're told the property -- listed jointly by The Agency and Hilton & Hyland -- is NOT being marketed as a teardown. The woodwork throughout the house is magnificent, the living room and foyer are incredible and the architecture spectacular.  

As for the pricing -- $200 million -- although it's high for sure, some real estate experts say the land alone could be worth $90 mil, and the house is historic and awesome. So, who knows?