Steve Wynn lowers the price of Beverly Hills estate to $75M
12% cut raises the question: How do you price a one-of-a-kind home?
Raising the stakes for Steve Wynns’s Beverly Hills estate seems out of the question at this point in the game.
The casino mogul’s 11-bedroom, 16-bathroom mansion at 1210 Benedict Canyon Drive has been on and off the market for a few years. On Jan. 17, its price dropped about 12 percent. The property is currently listed for $75 million, or $2,762 per square foot, according to listing websites.
A year ago, the 27,000-square-foot estate was listed for $85 million. Its initial off-market ask in 2020 was $135 million.
The price cut for Wynn’s house follows a tough year for L.A.’s luxury home market, where agents have counseled sellers in almost every segment to bring down prices. However, the cuts raise a perennial question on ultra luxury properties: How do you price a one-of-a-kind home?
The answer depends as much on the seller as the buyer. Sellers of ultra luxury homes often start high with aspirational pricing, said Anthony Marguleas of Amalfi Estates headquartered in Pacific Palisades. And few comparables to these estates exist to confirm a value, Marguleas added.
“Most never sell and are ultimately taken off the market. So it is more unusual when one sells than when it doesn’t,” Marguleas said.
Eventually, the over-priced aspirations come down to meet reality. Price reductions of 30 to 50 percent are not uncommon for luxe homes in this market, Marguleas noted.
The air is rare indeed for the upper reaches of L.A.’s residential market. Marguleas’ research, based on MLS data and public records, found that only about 13 properties in Los Angeles County sold for more than $100 million between 2016, when 301 Carolwood Drive in Holmby Hills sold for $100 million, to 2023, when music stars Jay-Z and Beyoncé bought 27712 Pacific Coast Highway in Malibu for about $200 million.
Aaron Kirman, the agent who started AKG Christie’s International Real Estate brokerage, recommended not counting out the viability of deals for homes asking $100 million and above. There are buyers willing to pay more than $100 million for these homes, he maintains.
”But it has to be worthy,” Kirman said of individual ultra luxury listings.“Prices in the uber luxury segment have gone down. We have to meet where the buyers are. … We also have to see how far you can push the envelope on behalf of sellers.”
Wynn’s Beverly Hills estate stretches out over 2.7 acres and offers amenities such as a championship tennis court and a resort-style gym. It is listed by Kurt Rappaport and Drew Meyers of Westside Estate Agency. Rappaport did not return a text requesting comment by press time.