Instead, his estimated US$43million (NZ$59.6m) estate, will be divided between his four children, the University of Southern California and a list of charities.
That number doesn't take into account the Playboy Mansion which was sold in 2016 for US$100m (NZ$138.5m)
The US$43m (NZ$59.6m) figure was first revealed back in 2009 when Hefner divorced his second wife Kimberly Conrad.
At his peak, the Playboy magnate was worth upwards of $200m (NZ$277m), but as the magazine's popularity tanked, Hefner lost millions.
By the time of his death the 91-year-old held 35 percent of the Playboy brand and still completely owned the magazine.
He had US$36m (NZ$49.8m) worth of stocks and bonds and $6million in a joint account with an unnamed person.
His monthly earnings from the magazine only totalled US$100,000 (NZ$138,500), with the rest coming from his pension.
Hefner's body was driven away from his Playboy mansion early Thursday morning (local time) to begin the journey to his final resting place next to Marilyn Monroe.
The Playboy founder died of natural causes at the age of 91 on Wednesday night.
Two hearses were seen leaving his Holmby Hills mansion.
Police lined the side of his driveway as the hearses left the residence to take the icon's body to an unknown location. He will eventually be buried in a Los Angeles cemetery next to Monroe - Playboy's first-ever cover star - in a plot that Hefner bought in 1992 for US$75,000 (NZ$103,900).
Hefner's second wife, Kimberly Conrad, was also spotted leaving the mansion Thursday morning (local time) with their 27-year-old son, Marston. Conrad's mother is also pictured in the back seat of the car.
"The dramatic age difference between difference & Crystal & me really doesn't matter,' he tweeted. 'Whatever time I have left, we want to spend together.:
What made this time around different was the fact that Crystal felt more confident about their relationship and was 'excited' to tie the knot on New Year's Eve.
"This time around is amazing... I'm very happy and Hef's very happy and we're excited,"she said ahead of the nuptials.
She had already changed her name on the social networking site to Crystal Hefner.
Crystal is the tycoon's third wife. He married Mildred Williams in 1949 before divorcing 10 years later.
In 1989 he married Playmate Kimberly Conrad and they separated in 1998.
Hefner has four children: Christie, David, Marston and Cooper.
During an appearance on the Huffington Post Live in 2013, the model, 26, was asked why she decided to marry the 86-year-old, to which she replied for "more security".
Hugh Hefner and Crystal Hefner attended Playboy Mansion's Annual Halloween Bash at The Playboy Mansion. Photo / Getty Images
"Well for me it meant more security, knowing that I am the one for him," she explained.
"Like we were talking about, there are always girls in and out and always the feeling of maybe being replaced... And he made sure I didn't feel that way anymore and that was what the wedding was all about."
Crystal says she fell for Hefner because she finds him fascinating.
"When I first met him, I had never even met a celebrity in my life before. I was like 'Oh my gosh Hef' and then we started talking," she explained.
"And I love learning about all the history... Just being more involved in his life and learning about Playboy and all the things he has done to change the world."
