Billionaire Steve Wynn looks to sell properties for $300M

Billionaire casino mogul Steve Wynn has more than doubled down on an uncertain luxury real estate market by listing five properties for nearly $300 million, the Wall Street Journal reported.

In addition to listing his 50 Central South duplex for $90 million last week, Wynn has listed two Sun Valley, Idaho, homes for $27 million, as well as a Palm Beach property for $78.5 million. That’s in addition to a Beverly Hills, California, estate that is looking for $100 million after initially seeking $125 million in March 2020, according to WSJ.

Sue Engelmann and John Sofro of Berkshire Hathaway Home Services Sun Valley Properties, have the Sun Valley listing. The larger of the two homes is 12,400 square feet, with seven bedrooms and sits on 2.4 acres. He bought the home, which has a catering kitchen and two guest wings, in 2009 for $7.5 million. The property has a heated pool and hot tub.

Wynn also bought the adjacent 3,200-square-foot, four-bedroom house, which sits on 2 acres. He uses that home for hosting guests.

The 11,000-square-foot apartment on the 30th and 31st floors of the Ritz-Carlton in New York has three bedrooms, four bathrooms, two half-bathrooms, 15-foot ceilings, a library, wet bar, media room, terraces and views of Central Park.

Building amenities include a spa and health club, business center, in-room dining services and housekeeping — a benefit of being atop a hotel.

Wynn paid $70 million in 2012 to buy the penthouse from Millenium Partners founding partner Christopher Jeffries.

Serena Boardman of Sotheby’s International Realty has the listing.

The nine-bedroom, 17,000-square-foot mansion in Palm Beach, Florida, went on the market in November, the outlet reported. He bought the property a year ago for $49 million and, after a renovation, put it back on the market in November for $78.5 million.

Lawrence Moens of Lawrence A. Moens Associates is the listing agent.

Wynn has had success flipping properties in the area. In April, he sold a waterfront Palm Beach home for $32 million within a year of buying it for $24 million.

A company tied to Wynn paid $49 million for a lakefront mansion at 1350 North Lake Way in March 2021. That same month, he flipped the waterfront property at 235 Via Vizcaya for $23.7 million, two months after buying it for $18.4 million.

And in 2019, he paid $43 million for the oceanfront mansion at 1960 South Ocean Boulevard. A year earlier, he sold the lot at 1350 South Ocean Boulevard for more than $20 million.

He hasn’t had as much success — yet — in selling his 3-acre property in Beverly Hills, which he bought in 2015 for $48 million. The 11-bedroom mansion was originally listed for $135 million in March 2020 before he slashed the asking price a couple of times to its current $100 million price tag.

The 80-year-old Wynn, who is worth $3.3 billion, according to Forbes, is the founder and former chairman and CEO of Wynn Resorts. He stepped down from the company about four years ago after multiple allegations of sexual misconduct were revealed by WSJ.

— Ted Glanzer