Former casino mogul Steve Wynn has been attempting to sell his substantial Beverly Hills estate—one of the most expensive private residences in the United States—since the beginning of 2021. With the impending implementation of a hefty sales tax in Los Angeles, the billionaire has significantly reduced the listing price in the hopes of finding a buyer.
The Beverly Hills abode of Steve Wynn has been up for sale for more than two years. Wynn recently decreased the asking price by fifteen million dollars to eighty-five million. (Image: Zillow)
In November of last year, Los Angeles citizens approved a local referendum that tacks on a substantial sales tax on residential real estate sales in excess of five million dollars. For homes sold between five and ten million, the city will add a four percent tax to the transaction. Properties worth more than ten million will be charged an additional five and a half percent.
The so-called “mansion tax” has sellers scurrying to offload their costly properties before the extra fee takes effect on April 1.
Wynn originally listed 1210 Benedict Canyon Rd. in Beverly Hills in January for one hundred and twenty-five million dollars. The casino magnate purchased the home in 2015 for forty-seven point eight million dollars and then invested a considerable sum in renovating the 2.7-acre property into an extravagant resort-like mansion with a Wynn Las Vegas style and atmosphere. For full details on the house, click here.
Despite multiple reductions in the listing price, Wynn has yet to locate a buyer. The value dropped to one hundred fifteen million in October 2021 and one hundred million in March 2022. The current price of eighty-five million is the result of one more decrease.
Wynn Relocates From Liberal California
Steve Wynn cashed out of his namesake casino enterprise, Wynn Resorts, in February 2018 following a career-ending expose in The Wall Street Journal that revealed years of sexual assault allegations made against him. Though he has always maintained that he never acted wrongly with his female subordinates, the man who played a large role in transforming Las Vegas from a seedy gambling town into the luxurious destination that it is today stepped away from his company and the gaming industry that same year.
Since leaving Las Vegas, Wynn has taken up real estate flipping as a new business venture. He has mainly directed these efforts toward southeast Florida where he mostly lives today.
Wynn has moved away from more progressive states, including Nevada and California. He sold his Las Vegas mansion in Summerlin on “Billionaire’s Row” last June for seventeen point five million dollars.
Wynn, a lifelong Republican who was the finance chair of the Republican National Committee when his personal reputation was called into question in 2018, prefers the conservative state of Florida over California to spend his retirement.
The eighty-one-year-old, along with many other Los Angeles vendors of private real estate listed above five million dollars, are hoping to find buyers before the mansion tax kicks in. If Wynn sells his Beverly Hills abode after April 1 for the eighty-five million dollar asking price, Los Angeles would receive four point six seven million dollars of the sale.
Shareholder Lawsuit Still Pending
Despite having no position within the company for over five years, Wynn’s exit from Wynn Resorts continues to be the focus of legal action. Earlier this month, a federal judge declared that a shareholder lawsuit against the Wynn Las Vegas operator can proceed as a class-action complaint.
The defendants of the complaint include Wynn Resorts, former CEO Matt Maddox, and current CEO Craig Billings. US District Judge Andrew Gordon rejected Wynn Resorts’ attempts to have the case dismissed. The judge instead stated that any person who bought or owned shares of the casino organization between February 28, 2014, and January 25, 2018, can join the case.
Plaintiffs argue that they were wronged by Wynn Resorts for not informing shareholders about the internally known allegations against the founder and the reported seven point five million dollar hush payment Wynn personally made to a masseuse who claimed to be the mother of his child.
Former casino magnate Steve Wynn has been attempting to sell his grandiose Beverly Hills property—one of the most expensive private residences in the US—since early 2021. With the impending implementation of a hefty sales tax in Los Angeles, the billionaire has lowered the listing price in the hopes of finding a buyer.
The Beverly Hills abode of Steve Wynn has been available for sale for more than two years. Wynn recently reduced the asking price by fifteen million dollars to eighty-five million. (Image: Zillow)
In November of last year, Los Angeles citizens approved
