LOS ANGELES-The luxury/celebrity residential market here is heating up, and one property that should definitely raise certain temperatures has just joined the fray. The Playboy Bunny Hutch (just across the street from Playboy founder Hugh Hefner's better-known Playboy Mansion) is on the market. Asking price is $11 million.

The property is located in the Holmby Hills neighborhood, a wealthy enclave near UCLA in Westwood, CA. The 6,690 square foot home has 21 rooms, including 5 bedrooms and 7 bathrooms. It was built in 1952 and sits on a 1.3 acre lot. The home was frequently featured in the E! Entertainment television show, “The Girls Next Door,” where its backyard pool and spa attracted a good deal of attention from cavorting Bunnies.

Playboy Enterprises, which was taken private by Hefner in 2011, has struggled in recent years, beset by Internet competition and the waning print market. Hefner sold a property next door to the Playboy Mansion in 2009 for $18 million, and the company has allegedly entertained overall purchase offers.

Holmby Hills is well-known as an enclave of wealth. The 230-room mansion known as “The Manor,” formerly owned by TV producer Aaron Spelling, was a Holmby Hills property that sold in June, 2011 for $85 million.

The Los Angeles area luxury/celebrity market, like the commercial real estate sector, is currently highly competitive for available properties. Foreign investors and wealthy U.S. citizens are eagerly kicking the tires.

“There's a lot of cash buyers out there right now,” says Tim Meinelschmidt, a realtor with Icon Properties, a division of Keller Williams in the Larchmont area of Los Angeles. “There's a total lack of inventory, so low supply, high demand.”

Meinelschmidt specializes in the luxury and celebrity home market. The Playboy Bunny House, because of its iconic branding, should attract a ton of interest, Meinelschmidt says. And the home's price may command a premium of up to 20% because of its famous attachment, he tells GlobeSt.com.

As previously reported in GlobeSt.com, the luxury market in other areas is also attracting interest. Hollywood recently saw its tallest residential high-rise hit the market.