Melbourne, Feb 09 : A Playboy shareholder has filed a lawsuit against Hugh Hefner for refusing to sell his company despite the adult entertainment business allegedly falling apart.

The shareholder has alleged that Hefner intentionally sabotaged two potential deals in the past six months to sell at a decent price, as he doesn't want to give up "the parade of busty blondes", TMZ reports.

An investment company, analysing Playboy, sent a note that stated: "we think the wildcard here is Hugh Hefner," reports News.com.au.

It added: "If you were Hugh Hefner, 81, would you give up the parade of busty blonds, the fancy mansion and the reality TV show for a payout?

"Hefner has continued to live the good life and make sure everyone knows it. Hefner remains in the limelight, showing up at media events and at the Playboy mansion ... with his girlfriends by his side."

The suit concluded: "Today, the price of a Playboy magazine is far higher than the price of Playboy common stock."

The value of the stock has dropped from 36 dollars a share in 2006 to 3.14 dollars at present.