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JANUARY 2016
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$6.25 US/$6.99 CAN
WARNING: NOT TO BE SOLD TO
PERSONS UNDER 18 YEARS OF AGE
MANAGING DIRECTOR, BROADCAST,
LICENSING & PUBLISHING
KELLY HOLLAND
EDITORIAL
Executive Editor • BARBARA F. PIZIO
Contributing Editor • ALISON TYLER
ART
Art Director, Publishing Group
JOHN AROCHO
PRODUCTION
Vice President, Art, Manufacturing &
Production • MICHAEL TANG
Production Manager • MARIO IANNOTTA
Photo Retoucher • GIL VELEZ
Graphic Production Assistant •
JOSHUA K. NAHAS
Production Assistant • PAMELA FERRER
ADVERTISING & MARKETING
Associate Publisher • RICH McENTEE
Advertising Inquiries: ADSALES@FFN.COM
ENTERTAINMENT/LICENSING/
INTERNATIONAL EDITIONS
Director, Global Clubs Licensing •
JEFF STOLLER
Director, Licensing • AMANDA BYRD
Licensing Inquiries: LICENSING@FFN.COM
International Subscriptions:
HTTP://INTL.PENTHOUSE.COM
NEWSSTAND CIRCULATION
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JOHN & PHILIP WILLETT
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Tel: 310-280-1900
JANUARY 2016
4
EDITOR’S NOTE
A WICKED WINTER
WONDERLAND
6
NEW YEAR’S EVE
THE WINE GODDESS
BY ELISSA PRITCHARD
Our cover model is
Penthouse Pet
Aspen Rae
20
PICTORIAL
ASPEN RAE
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2257 and 28 C.F.R. § 75.1
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Confirm ID, Inc., at 910 E
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Campbell, CA 95008.
PENTHOUSE VARIATIONS (ISSN 0274-5143) January 2016. Volume 38, Number 1. Copyright © 2015 by General Media
Communications, Inc., a subsidiary of FriendFinder Networks Inc. All rights reserved. No portion of
Penthouse Variations
maga-
zine may be reproduced by any means or media without the publisher’s prior written permission. Published monthly in the United
States and simultaneously in Canada by General Media Communications, Inc., 20 Broad Street, Fourteenth Floor, New York, NY
10005. Distributed in U.S.A., Canada, U.S. territorial possessions, and elsewhere in the world by Curtis Circulation Company, P.O.
Box 9102, Pennsauken, NJ 08109. Periodical postage paid in New York, NY, and at additional mailing offices. Postmaster: Send
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Penthouse Variations
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CONTENTS
30
SPANKING
FIT FOR A SPANKING
BY TRACIE VELASQUEZ
42
SPANKING
READER LETTERS
54
GROUP SEX
A TEAM SPORT
BY MARLA PFEFFE
64
TRANSVESTISM
BY ANTHONY IVERSON
DRESSING FOR ELLIE
76
WIDE WORLD
OF VARIATIONS
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Penthouse Variations
or General Media Communications Inc. Names, places and identifying details in submissions may
be changed at the editors’ discretion. Any similarity between persons and events depicted in fiction or semifiction and real events or
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Please direct all editorial correspondence and inquiries to Penthouse Variations, 20
Broad Street, Fourteenth Floor, New York, NY 10005. Tel. (212) 702-6000.
Advertising office: General Media Communications,
Inc., 20 Broad Street, Fourteenth Floor, New York, NY 10005. Tel. (212) 702-6000. VARIATIONS, the PENTHOUSE VARIATIONS
logo, the Three Key logo, the One Key logo, Penthouse Pet, Pet of the Month and Pet of the Year are trademarks of General Media
Communications, Inc.
PRINTED IN CANADA.
Certificado de licitud de título No. 8554 de fecha 10 de Noviembre de 1994 y
certificado de licitud de contenido No. 5821 de fecha 10 Noviembre de 1994, expedidos por la comisión calificadora de publica-
ciones y revistas ilustradas, dependiente de la secretaria de gobernación, México. Reserva de título No. 3351/94 de fecha 13 de
Diciembre de 1994, expedida por la dirección general del derecho de autor, dependiente de la secretaria de educación pública.
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