Steve Wynn Struggles to Find Buyers for Las Vegas, Los Angeles Mansions
Posted on: July 5, 2021, 02:42h.
Last updated on: July 5, 2021, 03:18h.
Billionaire Steve Wynn has seemingly entered the real estate industry since disgracefully exiting the casino business in 2018.
Wynn has found success in Palm Beach, Fla. In March, the former casino tycoon made more than $5 million in just three months on a luxury lakefront property. After purchasing the mansion in December of 2020 for $18.4 million, a company controlled by Wynn flipped the extravagant estate for nearly $23.7 million in March.
But the man who forever changed the Las Vegas Strip isn’t finding the same luck in Southern Nevada. In June of 2020, Wynn listed his mansion in Summerlin on so-called “Billionaire’s Row.” The asking price? $25 million.
If it would have sold at that expense, it would have become the all-time record sale for a residential property in Nevada. But the compound, located at 1717 Enclave Court, never found a buyer — even after reducing the price to $19.5 million. The listing was removed in March.
Meanwhile, that $25 million home sale number was achieved this week. LoanDepot founder Anthony Hsieh — no relation to the late Zappos founder Tony Hsieh — paid $25 million for a three-story, 15,000-square-foot house overlooking Las Vegas in the exclusive MacDonald Highlands community in Henderson.
The previous record for a house sale was $17.55 million, set in 2016 when magician and illusionist David Copperfield purchased a 31,000-square-foot house in Summerlin.
$110 Million Steal?
Steve Wynn didn’t find any luck in trying to sell his “Billionaire’s Row” pad. He found a similar fate in Los Angeles.
In January, Wynn put his sprawling Beverly Hills estate on the market for a whopping $110 million. The billionaire purchased the Benedict Canyon Drive abode in 2015 for $47.85 million from Guess jeans cofounder Maurice Marciano.
Wynn was trying to rank the 2.7-acre property within the priciest home sales in California history. Amazon founder Jeff Bezos set the record in 2020 when he doled out $165 million for the historic Warner Estate in Beverly Hills.
But Wynn’s 11-bed, 16-bath mansion failed to find a buyer. Unlike in Las Vegas, it appears there was plenty of interest.
After initially listing the mega-mansion for $110 million in January, the price was increased to $115 million in February, and to $125 million in April. The listing was then removed on July 1.
Same Name, Different Company
Wynn Resorts promised gaming regulators in Nevada and Massachusetts, as well as in Macau, that it would overhaul its company’s handling of sexual misconduct allegations in the wake of Steve Wynn being accused by numerous female workers of harassment. Wynn continues to deny that he ever acted inappropriately.
However, Wynn Resorts reshuffled its board to include four women, and implemented sexual misconduct reporting procedures.
Ellen Whittemore, executive vice president and general counsel for Wynn Resorts, was one of those women appointed to the board in 2018. She said in June that the entire corporation is dedicated to its new culture.
“We are really committed to diversity and inclusion and to preventing sexual harassment and really embracing and encouraging women in the workplace,” Whittemore declared.
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