Hugh Hefner might have to sell his Playboy Mansion and half-century-old collection of artwork to pay off debts, the New York Post reported late Tuesday.

The 84-year old founder and chief creative officer of Playboy Enterprises must raise $115 million in 16 months to pay investors who plan to demand payment of their convertible bonds on March 15, 2012, the company said Monday.

Hefner, who controls the company with 70 percent of its voting stock, was said to have "profound concern" about covering debt that he took on six years ago.

The company, which currently has $26.5 million in cash, on Monday reported $9.9 million in operating cash flows in nine months, hardly enough to build reserves.

"I know that Mr. Hefner has a profound concern about the refinancibility of those bonds," CEO Scott Flanders told analysts Monday in an earnings call.

The board is also facing pressure via a $6.24-per-share buyout offer from investor Marc Bell, owner of Penthouse.

Bell's offer topped a $5.50-a-share offer from Hefner. No decision has been made on either offer.

Playboy shares rose 2.4 percent to $5.03 after the company reported an operating loss that more than doubled to $1.6 million in the third quarter on weaker sales.

The men's entertainment company is battling the explosion of free adult entertainment on the Internet.

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