Disgraced casino mogul Steve Wynn drops $43M on Palm Beach estate

Company tied to Cisneros family paid $34M for the property in 2005

Aug.August 20, 2019 04:15 PM
Steve Wynn and 1960 South Ocean Boulevard (Credit: Sotheby's and Getty Images)

Steve Wynn and 1960 South Ocean Boulevard (Credit: Sotheby’s and Getty Images)

Embattled casino mogul Steve Wynn paid $43 million for an oceanfront estate in Palm Beach, property records show.

Emma Cisneros of 1960 South Ocean Blvd. LLC, part of the billionaire Venezuelan family that owns a media conglomerate, sold the eight-bedroom, 24,600-square-foot mansion at 1960 South Ocean Boulevard. The buyer is 1960 LLC, in the care of a Las Vegas company tied to Wynn’s Wynn Fine Art.

Juan Pablo Molyneux designed the 2.25-acre property in Palm Beach, according to the listing. It was on the market with Cristina Condon of Sotheby’s International Realty for $56 million, but first hit the market in 2018 for $59 million, according to Zillow. The home includes a billiards room, a chef’s kitchen with butler’s pantry, a wine cellar and staff quarters, loggias, terraces, a guest and pool house and more.

Records show that the seller paid $33.6 million in 2005 for the property.

In July, the Cisneros family sold a 3-acre property at 555 Leucadendra Drive in Coral Gables for $23 million.

Wynn, Wynn Resorts’ former chairman and CEO, resigned from the company he founded in February 2018 after multiple allegations of sexual misconduct were revealed by the Wall Street Journal. In addition, his ex-wife filed a lawsuit alleging that he paid a manicurist $7.5 million after forcing her to have sex with him.

Wynn, who sold the lot at 1350 South Ocean Boulevard last year for over $20 million, was previously rumored to have made an offer on the former estate of Broadway producer Terry Allen Kramer at 1295 South Ocean Boulevard.

The latest sale adds to a string of ultra high-end deals to close in Palm Beach over the past few months. Kramer’s estate sold her property in June for about $105 million, not including commissions, creating a new single-family home sale record on the exclusive island.

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