Posted on: June 6, 2022, 08:04h.
Last updated on: June 6, 2022, 10:26h.
Steve Wynn exited the Las Vegas gaming industry in early 2018 by selling off his entire stake in Wynn Resorts for $2.2 billion. The divesture rendered the billionaire landless on the Strip, but only now is the 80-year-old doing away with his private residence in Southern Nevada.
After trying to sell his mansion on “Billionaire’s Row” in the affluent TPC Summerlin neighborhood for more than two years, Wynn recently found a buyer for his 15,000-square-foot, six-bedroom, nine-bath pad at 1717 Enclave Court. Clark County property records show Wynn closed on the sale on June 1. The price: $17.5 million.
The Las Vegas Review-Journal confirmed that the buyer is Simon Dolan, a British businessman who made his fortune in accounting services. The house’s new owner is also wildly wealthy, The Sunday Times putting his estimated net worth around a quarter of a billion dollars.
The $17.5 million purchase price is a considerable discount from the $25 million Wynn initially asked when he listed the mansion in June of 2020. The property has since been on and off the market. When Wynn listed it again in March of this year, the house’s ask was $24.5 million — almost 30% more than what Dolan paid.
Still a Win for Wynn
While Steve Wynn didn’t get the original price he had hoped for on 1717 Enclave, Dolan’s all-cash deal still represents a net gain for the billionaire. Wynn purchased the abode in March of 2018 for $13 million.
The home underwent considerable improvements under Wynn’s ownership, most noticeably being its interior, which now oozes the lavish luxury guests at Wynn Resorts and Encore are accustomed to.
The attention to detail and worldly design make this home and its grounds incredible unique,” said listing agent Broker Kristen Routh-Silberman of Corcoran Global Living, who represented Wynn in the sale.
Routh-Silberman added that the $17.5 million price represents the highest home sale in Southern Nevada this year. “We’re thrilled,” she said of the sale.
The “Billionaire’s Row” estate is where Wynn fled after he was ousted from his namesake casino empire in the wake of a career-ending report published in The Wall Street Journal that documented numerous allegations of sexual misconduct. Wynn’s primary residence prior to that was a duplex villa at Wynn Las Vegas that overlooked his golf course.
At the time of the WSJ bombshell, Steve Wynn was paying Wynn Resorts a little more than $305,000 a year for the duplex. Prior to 2017, Wynn additionally rented out the villa on the third level and was paying the casino over $500,000 a year for the accommodations.
Beverly Hills Mansion Remains for Sale
Since exiting Las Vegas, Wynn has established roots in Florida’s Palm Beach. He’s spending some of his free time flipping mansions in the area.
Wynn continues to struggle to find a buyer for his largest and richest real estate holding in California. Wynn’s compound at 1210 Benedict Canyon Rd. in Beverly Hills has been on the market for more than a year.
One of the richest homes in the US, Wynn listed the nearly 30,000-square-foot estate for $120 million in May of 2021. The property remains an active listing, its current asking price down to $100 million.