Hugh Hefner is alive and kicking.

But what will happen to Playboy Enterprises, the adult entertainment empire he founded, once the 81-year-old icon passes away? To hear David Miller of SMH Capital tell it, the company’s stock could get a lift when Hefner moves on from this world.

As grim as it sounds, Miller writes in a research report that Hefner’s death could bring the sale of the famous (and infamous) Playboy mansion, which may leave the company debt free and give the share price a swift kick higher.

Here’s what Miller wrote in the report, issued after Playboy unexpectedly posted a loss for the quarter.

Given the material expense required for maintenance and taxes on the Playboy Mansion in Los Angeles, and given that Mr. Hefner pays “rent” back to Playboy corporate (recorded as a contra expense) for the privilege of living there, we believe Mr. Hefner’s death could result in a material stock price uptick on the notion that the Mansion could eventually be sold, which would leave the company net debt free.

Most of Miller’s report is spent on more fundamental matters, namely the serious problems Playboy’s flagship magazine is facing in advertising and circulation. He also points to a host of other troubles facing the media company, citing higher cash programming expenses within domestic TV; the move to video-on-demand from pay-per-view by cable companies; pending increases in postage costs; and an overhaul of its online sites.

By the way, Playboy’s stock is down 25 percent over the last 12 months.