Posted on: April 25, 2022, 03:46h.
Last updated on: April 25, 2022, 04:25h.
Steve Wynn disassociated from the Las Vegas gaming industry in early 2018. That was following a career-ending report published in The Wall Street Journal that detailed numerous allegations of sexual misconduct committed by the casino magnate. But only recently is the 80-year-old fully divesting his investments in Southern Nevada.
Wynn resigned from Wynn Resorts and sold off his entire stake in the Wynn and Encore Las Vegas owner-operator in February of 2018. He no longer has any control or ownership in his namesake company.
Wynn relocated to Florida’s Palm Beach soon after. But he has struggled to find a buyer for his mansion back in Las Vegas’ affluent Summerlin community. The Las Vegas Review-Journal reports that the billionaire has at long last sold his pad at 1717 Enclave Court in the prestigious TPC Summerlin neighborhood.
The 15,000-square-foot, six-bed, 11-bath estate has been on and off the market for more than a year. The listing price has been firm at $24.5 million. Zillow shows the listing as “under contract,” and the RJ says Wynn reps confirmed a sale agreement has been reached.
However, Wynn’s listing agent — Kristen Routh-Silverman of Corcoran Global Living — declined to provide further details, such as the buyer’s identity or the price. But she did say the deal is an all-cash offer.
Along with the steep purchase price, the new buyer will be on the hook for a $1,275 monthly HOA fee and annual property taxes that totaled $72,000 last year.
Wynn Selling Amid Hot Market
Steve Wynn’s fortune remains north of $3 billion, financial media outlets like Forbes estimate. The former casino exec has taken a liking to luxury real estate since exiting the gaming business.
Along with his Summerlin sale, which Routh-Silverman says will close by the end of May and its details then made public, Wynn recently flipped a 6,700-square-foot estate in Palm Beach at 1040 N. Lake Way. After acquiring the property in early April 2021 for $24 million, Wynn found a buyer for $32 million.
The property underwent a makeover seemingly led by Wynn, as the home’s listing certainly has the décor and theme commonly found in Wynn’s five-star casino resorts. Wynn is reportedly working on his house flipping ventures with Roger Thomas, his longtime interior designer who helped envision the casino tycoon’s luxury properties.
The N. Lake Way property isn’t Wynn’s only successful flip in Palm Beach. The billionaire made about $5 million on another Palm Beach property only three months after acquiring it. Wynn sold the newly built home at 235 Via Vizcaya for $23.68 million last May after buying it for $18.4 million in February.
Big One Remains
Wynn’s biggest real estate possession — 1210 Benedict Canyon in Beverly Hills, Ca. — remains on the market.
One of the most expansive — and expensive — private residences in the entire country, the current asking price is $100 million. That’s down from the $125 million advertised last year.
The abode is on a three-acre lot — nearly unrivaled in Beverly Hills — and spans more than 27,000 square feet. The 11-bed, 16-bath complex is described by listing agent Fred Bernstein of Westside Estate Agency as a “spectacular generational estate envisioned by a master who elevates luxury to the next level.”