Larry Flynt Passes on Playboy Mansion ... Takes Grave Jab at Hef

EXCLUSIVE

Larry Flynt has 2 reasons for not wanting to buy the newly listed Playboy Mansion -- no sloppy seconds and no sticky sheets. 

We talked with the Hustler honcho -- and Hugh Hefner's longtime nemesis -- outside Craig's in West Hollywood, and it's clear he won't be dropping $200 mil on Hef's pad ... partly because he's looking for something more original.

Larry's also got beef with the fact Hef gets to stay in the mansion until he dies -- and he's got a strong opinion about when that will happen!