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Hugh Hefner recently became engaged to girlfriend Crystal Harris and it has apparently given the 84-year-old a new lease on life. He just plunked down a fortune to pay off stockholders in order to take back full control of the Playboy empire.

At the helm for over 50 years, Hef wants to make sure he can turn over the operation to sons Marston and Cooper.

Buying out his stockholders is going to cost Hefner a hefty $207 million. After months of negotiations — it looks like the company will be going private.

Nearly a year ago these same stockholders mounted a class action suit against Hugh, claiming he was sabotaging the men’s mag.