Steve Wynn Cuts Prices on L.A., NYC Properties, Hoping to Breakeven

Steve Wynn lowered prices on his posh Beverly Hills and New York City residences, hoping to expeditiously move the properties, but he’s unlikely to turn significant profits at the new asking prices.

The New York Post reports that Wynn’s 11,000-square-foot Central Park South penthouse is back on the market for a cool $70 million while his Beverly Hills mansion has been relisted at a price tag of $50 million. Since his departure from the casino industry in 2018, Wynn, 84, has actively bought and sold high-end residential real estate, including flipping mansions in South Florida.

Wynn’s tony Ritz-Carlton duplex in New York was purchased for $70 million in 2012. A decade later, he tried to sell it for $90 million, but no credible offers arrived at that price point, so he reduced the asking price to $65 million before pulling the listing in 2024.

The residence features three bedrooms, four full bathrooms, two half baths and what a realtor described to the Post as “spectacular” views of Central Park.

NYC Real Estate Taxes May Make Wynn a Motivated Seller

Wynn’s personal politics are at odds with those of the largest U.S. city, but it’s not clear if that’s part of his thought process regarding the sale of the Central Park penthouse.

However, it’s not debatable that the city levies a pied-à-terre tax that applies to condos, co-ops and one- to three-family residences that don’ serve as the owner’s primary residence. That levy is likely applicable to Wynn’s property that’s now on the market.

Recently, Gov. Kathy Hochul and New York City Mayor Zohran Mamdani, both Democrats, proposed a new tax targeting second residences valued at over $5 million in the hopes of generating $500 million in fresh revenue.

Wynn’s property ownership in the Big Apple hasn’t been overtly mentioned by the politicians, but Hochul has been critical of Russian oligarchs owning fancy New York City real estate. Mamdani, a democratic socialist, took some flack from political detractors for filming a video advocating for the new pied-à-terre tax in front of a Central Park South residence owned by Citadel CEO Ken Griffin. Griffin fired back, noting his hedge fund could redirect development and jobs away from New York to South Florida.

Wynn’s Beverly Hills Mansion Has Volatile History

On the West Coast, Wynn’s Beverly Hills mansion located at 1210 Benedict Canyon Road has some interesting real estate history. He bought the property for $47.85 million in 2015 and attempted to nearly triple his investment by listing it for sale at $135 million in 2020.

That listing was pulled and the property again hit the market last November at “just” $65 million. Now the casino mogul is shopping the 11-bedroom, 16-bath property for $50 million.

Known as Villa Lulu, the mansion is subject to Beverly Hills’ 1.22% yearly property tax, or north of $600,000  on a $50 million home.