Billionaire casino mogul Steve Wynn’s bet on the Palm Beach market continues to pay off.
Wynn sold his lakefront mansion at 1350 North Lake Way for $66 million to coffee magnate Bob Stiller and his wife Christine, sources told The Real Deal.
The Stillers recently sold their oceanfront estate at 589 North County Road to luxury car dealer Michael Cantanucci for about $170 million, marking a record for Palm Beach and a near-record for home sales in Florida. Bob Stiller founded Green Mountain Coffee Roasters.
A company tied to Wynn Resorts’ ex-chairman and CEO paid $49 million for the North Lake Way estate in March 2021, which means the entity sold the property for a 35 percent increase in price in a little over two years. The Palm Beach Daily News first reported Wynn’s sale to Stiller.
Lawrence Moens of Lawrence A. Moens Associates represented the buyer and seller, according to the listing.
The 13,375-square-foot mansion was built in 2013 on a 0.8-acre property. It has eight bedrooms, nine bathrooms, two half-baths, marble and hardwood floors, a pool and a dock.
Former President Donald Trump told attendees of a Grant Cardone conference held last year that Wynn is a master house flipper.
“He does it for sport,” Trump said. “He will buy a house, fix it up a little and sell it. He doesn’t need to do it, but he likes it.”
Last year, Wynn flipped the waterfront Palm Beach home at 1040 North Lake Way for $32 million within a year of buying the property for $24 million.
In 2019, Wynn paid $43 million for the oceanfront mansion at 1960 South Ocean Boulevard in Palm Beach. A year earlier, he sold the lot at 1350 South Ocean Boulevard for more than $20 million.
Wynn resigned from his company in 2018 after multiple allegations of sexual misconduct were revealed by the Wall Street Journal, and after his ex-wife sued him, alleging that he paid a manicurist $7.5 million after allegedly raping her.
Late last year, Wynn listed five properties for sale for nearly $300 million, including the home he just sold. He listed his 50 Central South duplex in New York for $90 million; two Sun Valley, Idaho, homes for $27 million; and reduced the price on a Beverly Hills estate to $100 million.
The Palm Beach home hit the market in November for $78.5 million.
Though the number of sales has fallen in Palm Beach compared to last year, ultra luxury deals continue to close and set records.
Billionaire William Lauder, executive chairman of Estee Lauder Companies, paid $155 million for Rush Limbaugh’s former Palm Beach compound at 1495 and 1501 North Ocean Boulevard. Lauder also listed his two adjacent, oceanfront vacant lots at 1063 and 1071 North Ocean Boulevard for $200 million.
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