The Real Deal Los Angeles

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
May 19, 2016 08:30AM

Steve Wynn and his house at 565 Perugia Way

Steve Wynn and his house at 565 Perugia Way

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