Steve Wynn Relists Lavish New York Penthouse for $70 Million
The casino mogul hopes to recoup his initial purchase price for the nearly 11,000-square-foot residence after previous attempts to sell failed.
Casino mogul Steve Wynn has relisted his penthouse at the Ritz-Carlton in New York City for $70 million, seeking to recover the amount he paid for the property over a decade ago. This marks a new attempt to sell the expansive residence after prior efforts to offload the property stalled.
Wynn also recently put his Beverly Hills compound under contract for approximately $50 million, matching his purchase price from ten years prior. The sales efforts for both properties concluded in late June, representing significant progress in Wynn's efforts to divest himself of these high-value assets.
The asking price for the New York penthouse has fluctuated significantly since Wynn initially purchased it for $70 million in 2012. It was listed for $90 million in December 2022, then reduced to $65 million before being withdrawn from the market in early 2024. The current relisting at $70 million is attributed to a "serious seller and an appropriate price," according to Deborah Grubman of the Corcoran Group, which co-lists the property.
The two-floor residence spans nearly 11,000 square feet and offers extensive views of Central Park. The living room, which was once the hotel's original grand ballroom, features 15-foot ceilings and large arched windows overlooking the park. The penthouse includes three bedrooms, four full bathrooms, and two half bathrooms. The primary bedroom suite features a private gym and massage room. The property also includes a library, a media room, and a terrace.
Annual carrying costs for the New York penthouse are approximately $565,000, covering taxes and common fees.
Wynn, 84, entered the casino industry after taking over his father's bingo business in upstate New York. He later moved to Las Vegas in the late 1960s and became a prominent figure in the development of the city's mega-resorts, known for lavish features such as a volcano at The Mirage and battling ships at Treasure Island. His gaming empire faced scrutiny, and he departed the business in 2018 amid sexual misconduct allegations, which he has denied. Since then, he has been active as a real estate investor. Forbes estimates Wynn's net worth at $3.9 billion.