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Casino Magnate Steve Wynn Goes 2 for 3 in Luxury Mansion Sales

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Billionaire casino developer Steve Wynn had three of his posh mansions on the market at the same time.

And so far he’s sold two of them: a palatial golf course estate in Las Vegas for $17.5 million and a waterfront spread in Palm Beach, FL, for $32 million.

Still on the market is the fairest of them all: a landmark mansion in Beverly Hills that’s been on the market for over a year now. Originally listed for $125 million, it’s now priced at $100 million.

$25 million discount in Beverly Hills

Steve Wynn’s estate in Beverly Hills, CA

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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 boasts 11 bedrooms and 14.5 bathrooms.

The mansion’s 2.69-acre grounds include a dramatic, parklike driveway. Tree-lined walkways lead to a pool and a pro tennis court with a seating pavilion that includes a kitchenette.

Great room

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It’s one of only three $100 million-plus properties 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 permitted in the City of L.A.” With a $250 million price tag, it makes Wynn’s property look like a relative steal.

Las Vegas lair

Wynn’s former Las Vegas, NV, estate

HGTV

It’s not uncommon to list a megamansion for an eyebrow-raising price just to see what the market will support. Aspirational pricing is a strategy employed by luxury brokers in the nation’s most coveted markets. This is exactly what played out with 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. He then commenced a $16 million makeover that took over a year.

The renovation was inspired by his luxury hotels. It included new wall coverings, flooring, and ceilings. Spaces were covered with a range of fabrics in silk, mohair, and Tuscan suede. Backlit, coffered ceilings were added throughout the residence.

Living room in Wynn’s Las Vegas mansion

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One of the most unusual renovations was the addition of an art room with a fire protection system. In case of fire, the room is sealed off from the rest of the house and protected from smoke or flame. This upgrade makes sense for Wynn, who has a world-class art collection.

Waterfront flip in Florida

Wynn’s Florida flip

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The man who built and sold megaresorts like The Bellagio, Treasure Island, and The Mirage has a knack for real estate investing. He’s still got the touch, as demonstrated by his December 2021 purchase of a posh place in Palm Beach, FL, for $24 million. He flipped it just 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. While it has been renovated over the decades, Wynn added some updates of his own, including in the kitchen and bathrooms.

The home boasts luxuries like a pool, home theater, and resortlike outdoor space. There’s also a long boat dock and a boatlift.

Waterfront pool

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The post Casino Magnate Steve Wynn Goes 2 for 3 in Luxury Mansion Sales appeared first on Real Estate News & Insights | realtor.com®.

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