Steve Wynn may lose money on sale of $16M Bel Air mansion

Casino mogul has listed property for $300,000 less than what he paid two years ago

TRD LOS ANGELES /
May.May 19, 2016 08:30 AM

Steve Wynn should know that the house always wins.

But, in what might serve as an unwelcome reminder, the casino mogul’s change of heart over a Bel Air mansion he bought in 2014 may cost him. He’s slashed the price tag of the 11,000-square-foot gated abode to just south of $16 million, $300,000 less than what he paid for it, Variety reported.

Wynn, who famously hates the company of the less privileged, put the house back on the market just six months after he bought it. He first listed it for $17.5 million, then $20 million, and then slashed the price to $18.3 million last summer.

The estate is located right next to the grassy greens of the Bel Air Country Club and sits on about an acre of land, Variety said. It has five bedrooms and eight bathrooms, including a suite for the staff. The stately residence also features its own gym and a media lounge.

Wynn, whose holdings total a whopping $2.7 billion, owns a bigger house in Beverly Hills — a 20,000-square-foot mansion that he bought in an off-market deal in 2015 for $47.8 million — as well as a New York City penthouse on Central Park South that he bought for $70 million. [Variety]Cathaleen Chen


Related Articles

arrow_forward_ios
Gary Winnick and Casa Encantada. Inset photo dates from 1939 (credit: Winnick & Company, The Huntington Library)

At $225M, Bel Air’s Casa Encantada becomes America’s priciest listing

Nile Niami and his Bel Air spec home (Credit: Getty Images, Juwan Li and Marc Angeles)

Niami’s $65M spec mansion that shall remain nameless hits market

The 5 priciest residential sales

Here are the 5 priciest resi sales in LA County last week

Four of the top residential listings in LA this week

Here are the priciest resi listings in LA County last week

Paul Williams and the Bellagio Estate (Credit: Wikimedia Commons)

This Paul Williams-designed Bel Air estate is now asking $75M

The five priciest listings in L.A. County last week

Here are the 5 priciest residential listings in LA County last week

Home at Stratford Circle with Hungarian couple Ildiko Szekeres and Gyorgy Nagy (Credit: Getty Images)

Olympic curlers score Bel Air Crest mansion that lingered on the market for 4 years

From left: Jerry Perenchio, architect William Hefner and renderings of the property (Credit: Getty Images, Redfin)

Slice of land from Jerry Perenchio portfolio hits market for $15M; mansion plans included

arrow_forward_ios