The Real Deal Miami

Steve Wynn sells lot in Palm Beach for 23% less than he listed it for in 2015

He resigned without severance pay this year as chairman and CEO of Las Vegas-based Wynn Resorts amid allegations of sexual assaults
July 07, 2018 09:15AM

 

Steve Wynn (Credit: Getty Images)

UPDATED July 9, 2:30 p.m.: Casino resort developer Steve Wynn got $20.27 million for selling a waterfront lot in Palm Beach, 23 percent less than he originally asked for the property about a half-mile south of the Mar-a-Lago resort.

Wynn resigned this year as chairman and CEO of Las Vegas-based Wynn Resorts amid allegations that he sexually assaulted employees of the company.

Wynn Resorts, which he founded, has denied severance payments to Wynn. The Wall Street Journal reported that Wynn could have collected severance pay totaling about $330 million under his original employment with company. Wynn has denied allegations of sexual misconduct.

He sold a lot at 1350 South Ocean Boulevard in Palm Beach, which measures about 1.5 acres and has approximately 220 feet of frontage on the Intracoastal Waterway. The property has a restored boathouse with an apartment inside.

The buyer in the off-market transaction was Stuart R. Morris, an attorney serving as trustee of the 1350 South Ocean Boulevard Land Trust, which is based in Boca Raton.

Wynn had been trying to sell the property for three years. He listed the property for sale for $26.5 million in 2015 after he bought it in 2014 for $20 million. After dropping the asking price to $24.5 million, he took the property off the market this year.

Wynn has a net worth of $3 billion, according to Forbes magazine. [Palm Beach Daily News] – Mike Seemuth