Exhibit 10.2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (II) EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE
REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS
ARE AVAILABLE.

                                                                  $12,235,490.69

                        PLAYBOY.COM, INC. PROMISSORY NOTE

                                                              September 27, 2002

WHEREAS, on September 27, 2000, Playboy.com, a Delaware corporation (the
"Company") issued a promissory note (the "First Note"), pursuant to which it
promised to pay to the order of Hugh M. Hefner, an individual (the "Holder"),
the principal amount of five million dollars ($5,000,000), together with
interest incurred thereon, as therein provided;

WHEREAS, on December 29, 2000, Playboy.com, a Delaware corporation (the
"Company") issued a promissory note, pursuant to which it promised to pay to the
order of Hugh M. Hefner, an individual (the "Holder"), the principal amount of
five million dollars ($5,000,000), together with interest incurred thereon, as
therein provided;

WHEREAS, on February 15, 2001, March 7, 2001 and May 7, 2001, the Company and
the Holder entered into Amendments No. 1, No. 2 and No. 3, respectively, to the
December 29, 2000 note (such note, as so amended, is referred to herein as the
"Second Note"), in order to, among other things, modify the repayment provisions
of the Note; and

WHEREAS, the Company and the Holder have determined that it is advisable and in
their best interests to enter into a new note in satisfaction of the First and
Second Notes.


                                       1
<PAGE>

NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound hereby, the Company and the Holder hereby agree as
follows:

FOR VALUE RECEIVED, the Company, whose principal place of business is located at
730 Fifth Avenue, New York, NY 10019, promises to pay to the order of Holder,
whose principal residence is located at Playboy Mansion West, 10236 Charing
Cross Road, Holmby Hills, CA 90024 (the "Holder"), the principal amount of
twelve million two hundred thirty-five thousand four hundred ninety and
69/100ths dollars ($12,235,490.69), together with interest incurred thereon, all
as hereinafter provided. Any payments of amounts due hereunder shall be in such
currency of the United States at the time of payment as shall be legal tender
for the payment of public or private debts.

1.    INTEREST. Prior to the dates upon which this Note becomes due and payable
      as described herein, the unpaid balance of the principal amount shall
      accrue interest at a rate equal to eight percent (8%). Interest shall be
      paid monthly in arrears on the unpaid principal and shall be computed on
      the basis of actual number of days/360-day year. All payments received by
      the Holder hereunder will be applied first to costs of collection and
      fees, if any, then to interest, and the balance to principal.

2.    REPAYMENT. Except as otherwise provided herein, all principal and interest
      unpaid hereunder shall become due as follows: (a) five hundred thousand
      dollars ($500,000) on March 26, 2003 and (b) eleven million seven hundred
      thirty-five thousand four hundred ninety and 69/100ths dollars
      ($11,735,490.69) on September 26, 2003 (which dates are hereinafter
      collectively referred to as the "Maturity Dates"), and shall be payable
      respectively by the Company to the Holder in full on the Maturity Dates;
      provided that, this Note may be repaid in whole or in part by the Company
      without penalty or premium at any time and from time to time prior to the
      Maturity Date. This Note shall be paid without deduction by reason of any
      set-off, defense or counterclaim of the Company. If any payment due
      hereunder shall become due on a Saturday, Sunday or legal holiday under
      the laws of the State of New York,


                                       2
<PAGE>

      such payment shall be made on the next succeeding business day in New
      York.

3.    EVENTS OF DEFAULT. If any of the following conditions, events or acts
      shall occur: (a) the dissolution of the Company or any vote in favor
      thereof by the Board of Directors and shareholders of the Company; or (b)
      the Company's insolvency, assignment for the benefit of creditors,
      application for or appointment of a receiver, filing of a voluntary or
      involuntary petition under any provision of the United States Bankruptcy
      Code or amendments hereto or any other United States federal or state
      statute affording relief to debtors; or there shall be commenced against
      the Company any such proceeding or filed against the Company any such
      application or petition which proceeding, application or petition is not
      dismissed or withdrawn within sixty (60) days of commencement or filing as
      the case may be; or (c) the failure of the Company to pay the amount of
      principal on and interest accrued under this Note in accordance with the
      terms hereof, when the same shall become due and payable; or (d) the
      default in the due observance or performance of any material covenant,
      condition or agreement on the part of the Company to be observed or
      performed pursuant to the terms hereof and such default shall continue
      uncured for fifteen (15) days after written notice thereof, specifying
      such default, shall have been given to the Company by the Holder of this
      Note, then, in any such event and at any time thereafter while such event
      is continuing, the Holder shall have the right to declare an event of
      default hereunder ("Event of default"); provided that upon the occurrence
      of an event described in subsection (a) or (b) above such event shall be
      deemed an Event of Default hereunder whether or not the Holder makes such
      a declaration (an "Automatic Event of default"), and the indebtedness
      evidenced by this Note shall immediately upon such declaration or
      Automatic Event of Default become due and payable, both as to principal
      and interest, without presentment, demand, protest or other notice of any
      kind, all of which are hereby expressly waived (pursuant to Section 9.
      hereof), notwithstanding anything contained herein to the contrary.

      No course of dealing or delay or failure on the part of the Holder to
      exercise any rights under this Section 3. shall


                                       3
<PAGE>

      operate as a waiver of such rights or otherwise prejudice such Holder's
      rights, powers and remedies. The Company will pay or reimburse the Holder,
      to the extent permitted by law, for all costs and expenses, including, but
      not limited to, reasonable attorneys' fees, incurred by it in collecting
      any sums due on this Note or in otherwise enforcing any of its rights.

4.    ASSIGNMENT. This Note may not be assigned, transferred or otherwise
      negotiated by the Holder without the prior written consent of the Company.

5.    SEVERABILITY. In the event any one or more of the provisions of this Note
      shall for any reason be held to be invalid, illegal or unenforceable, in
      whole or in part or in any respect, or in the event that anyone or more of
      the provisions of this Note operate or would prospectively operate to
      invalidate this Note, then and in any such event, such provision(s) only
      shall be deemed null and void and shall not affect any other provision of
      this Note and the remaining provisions of this Note shall remain operative
      and in full force and effect and in no way shall be affected, prejudiced
      or disturbed thereby.

6.    SUCCESSORS AND ASSIGNS. All covenants, agreements and undertakings in this
      Note by or on behalf of any of the parties shall bind and inure to the
      benefit of the respective successors and permitted assigns of the parties
      whether so expressed or not.

7.    FIRST AND SECOND NOTES. As of the date hereof, the First and Second Notes
      are hereby canceled and are of no force or effect.

8.    NOTICES. Any and all notices, requests, consents and demands required or
      permitted to be given hereunder shall be in writing, delivered to the
      addresses stated above. Either party may change by notice the address to
      which notices to it are to be addressed.

9.    WAIVER OF PRESENTMENT. The Company and all endorsers and guarantors of
      this Note herein, if any, waive presentment for payment, demand, protest,
      notice of protest for nonpayment and notice of dishonor of this Note;
      waive


                                       4
<PAGE>

      all other demands and notices in connection with the delivery, acceptance,
      performance and enforcement of this Note; and consent to any extension or
      postponement of the time of payment or any other indulgence.

10.   GOVERNING LAW. This Note shall be construed and enforced in accordance
      with, and the rights of the parties shall be governed by, the laws of the
      State of New York, without giving effect to the conflict of law provisions
      thereof.

11.   EXPENSES. The Company hereby agrees to pay to Holder all expenses incurred
      by the Holder, including reasonable attorneys' fees, in enforcing and
      collecting amounts due hereunder.

12.   ENTIRE AGREEMENT. This Note contains the entire agreement between the
      Company and the Holder with respect to the subject matter hereof, and
      supersedes every course of dealing, other conduct or oral agreement or
      representation previously made by the Holder. No change in this Note shall
      be effective unless made in a writing duly executed by the Holder and the
      Company.

IN WITNESS WHEREOF, the Company has caused this Note to be signed on the date
first set forth above.

                                PLAYBOY.COM, INC.


                                By /s/ Linda Havard
                                   --------------------------------
                                   Linda Havard, Vice President


                                /s/ Hugh M. Hefner
                                -----------------------------------
                                    Hugh M. Hefner

                           SOLELY WITH RESPECT TO THE
                        PROVISIONS OF SECTIONS 2. AND 7.


                                       5