We all know there’s a recession either on its way or already here, with one in every 464 U.S. households receiving a foreclosure filing in July this year, but it’s a sad old day in Hollywood when celebrities such as TV personality Ed McMahon, 84, is rescued from foreclosure on his multi-million dollar home in Beverly Hills by another TV celeb, billionaire Donald Trump.

Now, following hot on the heels of poor old Ed is an equally ancient celeb, Playboy founder, Hugh Hefner, 82, who has reportedly put a stop to those infamous all night parties at his Los Angeles hot bed of sexual frivolity, known as The Playboy Mansion.

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.” With the company attempting to cut back on costs it’s the parties that must be the first to go!

Hugh’s famous Midsummer Night’s Dream party which took place last Saturday is the last midsummer party the playboy will throw at the mansion, although the glittering palace is set to be rented out for private functions.

Last week’s party saw British actor, Jason Statham, being thrown off the premises, by security officers, after he refused to have his photograph taken with models.

But who can blame him? Just last month he spoke to George Clooney’s ex, Sarah Larson, while he was in Las Vegas and suddenly the paps are spreading the rumour that he’s Sarah’s latest squeeze.

ABB