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On the home front, Hefner was last week cuckolded by not one, but two girlfriends (one of them the supposed love of his life, someone he'd hoped would remain with him until his dying day) leaving him deeply depressed and feeling, in his own words, "like roadkill".At work, his magazine's profits have evaporated and its circulation is in free fall, forcing Hefner to cut back on staff - and, for the first time, to invite paying punters to his once-exclusive private parties.It has made Playboy, a brand that once looked cheeky and cutting-edge, seem out of touch and increasingly seedy.

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"We tried to have a baby earlier this year and it didn't work out. "He may not believe in monogamy in the traditional sense of the term, but deep down, Hef is a romantic," Watts says.

"What he really likes more than sex is falling in love over and over again, in a sentimental way.

"The mansion's hedonistic grounds have long been rented out for corporate events, but Hefner's private parties have been free to those invited," it reported.

"Now, John and Jane Q Public can buy their way into some of those events - albeit for a hefty price." Tickets to parties hosted by Hefner will sell for $5,000 (£2,870) to $25,000, it reported, depending on the event and the celebrity guests.

Photo: Getty Images for FOX" title="TV Personalities Holly Madison, Hugh Hefner, Bridget Marquardt and Kendra Wilkinson attends the FOX Reality Channel Really Awards on September 24, 2008 at the Avalon Hollywood club in Hollywood, California Photo: Getty Images for FOX" width="620" height="409" rel="nofollow"/TV Personalities Holly Madison, Hugh Hefner, Bridget Marquardt and Kendra Wilkinson attends the FOX Reality Channel Really Awards on September 24, 2008 at the Avalon Hollywood club in Hollywood, California Photo: Getty Images for FOX From the day he first picked up a pipe, slipped into a velvet smoking jacket and decided to launch his own publishing empire, Hugh Hefner has proudly told anyone who'll listen that his career and self-worth revolve around two extraordinary creations.

The first is Playboy, the 55-year-old magazine that pioneered the social and consumer revolutions of the 1950s and 1960s, spawned a global multi-media brand, and to this day symbolises his hedonistic-yet-luxurious version of the American dream.

Madison is one-third of a pneumatic trio of blondes who star in The Girls Next Door, a TV documentary about daily life chez Hefner.

Her status, in the show and in real life, is "No 1" girlfriend, meaning that she shares his bedroom, while the other live-in love interests, Kendra Wilkinson and Bridget Marquardt, occupy smaller billets down the hall.

Last week, this cozy domestic arrangement suddenly fell apart.

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