Steve Wynn sells $110M Beverly Hills mansion for massive discount as billionaires flee California taxes
Steve Wynn has finally unloaded his jaw-dropping Beverly Hills megamansion, “Villa Lulu” — and the house definitely did not win this time.The 84-year-old former casino head honcho just cashed out on his 27,150-square-foot Benedict Canyon estate for a final price of $47.75 million, listing broker Leonard Rabinowitz of Christie’s International Real Estate told The Post. While that sum sounds like he hit the jackpot, for Wynn, it’s a bust.The 11-bedroom, 14.5-bath castle with multiple kitchens, initially had an eye-watering $135 million whisper price in 2020.When Wynn officially listed the home in 2021, he put a $110 million sticker on it. After desperate price chops and no interest, Wynn has sold the home at $87.25 million less than where he started.Even worse: Monday’s sale price comes to $100,000 less than his original purchase price.Wynn bought the 2.7-acre spread from Guess jeans co-founder Maurice Marciano in 2015 for $47.85 million.
He sunk millions into an 8,000-square-foot expansion and lavish renovations. Rabinowitz said the buyer is an “American businessman.”Rabinowitz blamed the pricing situation on California’s tax rate and tax on billionaires, which is causing residents to flee the Golden State for places like Florida and Texas.“The buying pool is shrinking so prices start to tumble,” he said.Still, he said, “I’ll take his win-loss ratio any time.” He was referencing Wynn’s succession of house flips in Palm Beach, where he currently lives, “that were very successful, not to mention his career in Las Vegas.”A gated property, the home has its own private road off lower Benedict Canyon.The megamansion has a reception area, a bar, a grand living room and an executive office, plus a standalone guest apartment.
The owner’s suite features dual amenities, while dedicated quarters accommodate three staff members and two full-time security guards.The house — which has vaulted ceilings — boasts a 40-seat home theater; a w...