Playboy Mansion: Larry Flynt Tries to Hustle Hef with Lowball Offer

Larry Flynt wants to buy the Playboy Mansion, but as part of the deal he wants to make Hugh Hefner his bitch.

Sources connected to Flynt tell TMZ, the Hustler honcho believes the Mansion is only worth $40 million -- far short of the $200 million asking price. But Flynt says he understands the property is iconic so he's willing to double the amount and offer $80 mil, assuming an appraisal justifies it.

Now the strings ... Flynt will ask Hefner to participate in choosing the girls for Hustler. He also wants Hef to write a column for Flynt's mag.

We're told Flynt's intention is to turn the Playboy Mansion into the Hustler Mansion, with the same glitz and glamour that defined it in its heyday ... after some major renovations.