Hugh Hefner partied out

Playboy magazine founder Hugh Hefner (R) and girlfriend Holly Madison arrive at the Madden NFL ?9 VIP Premiere party hosted by EA Sports and XBox in Los Angeles, California August 7, 2008. The game is set for release August 12. [Agencies]

Hugh Hefner will no longer be hosting his famous Playboy mansion parties. The founder of the men's magazine has reportedly been told he cannot personally host the events, such as the recent Midsummer Night's Dream party, as the company are attempting to cut back on costs.

A source said: "Playboy Enterprises has decided that the party just gone and the upcoming annual Halloween party will be the last that Hugh throws."

However, revellers eager to see inside Hugh's infamous Los Angeles mansion may still have an opportunity to do so, as the mansion is set to be rented out for private functions.

A representative refused to confirm the rumours, adding: "Who knows what will happen in a year from now?" The Midsummer Night's Dream party on Saturday saw 'The Bank Job' star Jason Statham escorted off the premises by five security guards after he refused to pose for pictures with models.

A source said: "It was rough!"