Casino mogul Steve Wynn goes 2 for 3 in luxury mansion sales
Billionaire casino developer Steve Wynn had three of his swanky mansions on the market at the same time.
And so far, he’s sold two: a lavish golf course in Las Vegas for $17.5 million and a beachfront in Palm Beach, Florida, for $32 million.
The finest of them all is still on the market: a historic Beverly Hills mansion that’s been on the market for over a year now. Originally listed for $125 million, it is now priced at $100 million.
$25 million cut in Beverly Hills
Wynn bought the Benedict Canyon mansion in 2015 from Guess co-founder Maurice Marciano for $47,851,500.
Wynn added 8,000 square feet of living space to the estate, which now measures 27,150 square feet. It has 11 bedrooms and 14.5 bathrooms.
The mansion’s 2.69-acre grounds include a dramatic park-like driveway. Tree-lined walkways lead to a pool and professional tennis court with a pavilion with lounge area and kitchenette.
It is one of only three properties over $100 million for sale in Beverly Hills. The priciest property here is currently a massive structure in Coldwater Canyon under construction that claims to be the “largest property ever allowed in the city of LA.” With a price tag of $250 million, ownership of Wynn looks like a relative steal.
Las Vegas hideout
It’s not uncommon to list a megamansion at an extortionate price just to see what the market will bear. Ambitious pricing is a strategy employed by luxury brokers in the country’s most coveted markets. This is exactly what happened with the Wynn’s Las Vegas residence.
The 15,000 square foot luxury home was built by Wynn’s brother in 2001, and Wynn bought it in 2018 for $13 million. It then began a $16 million makeover that lasted over a year.
The renovation was inspired by its luxury hotels. It included new wall coverings, floors and ceilings. The spaces were covered in a range of Tuscan silk, mohair and suede fabrics. Backlit coffered ceilings have been added throughout the residence.
One of the more unusual renovations was the addition of an art room with a fire protection system. In the event of a fire, the room is isolated from the rest of the house and protected from smoke or flames. This upgrade makes sense for Wynn, which has a world-class art collection.
Florida Waterfront Flip
The man who built and sold mega-resorts like The Bellagio, Treasure Island and The Mirage has a knack for investing in real estate. He still has the touch, as evidenced by his December 2021 purchase of a posh location in Palm Beach, Florida, for $24 million. He flipped it a few months later, in April 2022, for $32 million.
The five-bedroom, 5,056-square-foot home on a half-acre of beachfront was originally built in 1954. Although it’s been renovated over the decades, Wynn has added its own updates, especially in the kitchen and bathrooms.
The home offers luxuries like a pool, home theater, and resort-like outdoor space. There is also a long boat dock and a boat lift.
This story originally appeared on Realtor.com.