Casino mogul Steve Wynn has sold his expansive Beverly Hills mansion for $47.75 million, a reduction of $87.25 million from his initial asking price.
The sale of the 2.7-acre estate, which features a 27,000-square-foot mansion in the 90210 zip code, comes as ultra-high-net-worth individuals increasingly leave California due to its tax policies.
This marks the most expensive home sale in Beverly Hills this year, according to the listing agent, Leonard Rabinowitz of Christie’s International Real Estate. Rabinowitz stated that the market for ultra-luxury real estate has been impacted by California's high tax burden, prompting wealthy individuals to relocate to states like Florida and Texas.
Wynn had been attempting to sell the property since 2020, initially seeking $135 million off-market. The mansion was first publicly listed in 2021 for $115 million and was most recently priced at $49.95 million in May. The undisclosed buyer purchased the property for slightly less than the $47.85 million Wynn paid for it in 2015.
The trend of wealthy individuals leaving California has seen notable departures, including Google co-founders Larry Page and Sergey Brin, Facebook co-founder Mark Zuckerberg, and Palantir co-founder Peter Thiel. These individuals collectively represent nearly $800 billion in net worth and have established permanent residences in Florida.
While Wynn's permanent residence is in Palm Beach, Florida, making him not subject to California's proposed billionaire tax, his sale aligns with the broader exodus of affluent residents. The proposed tax is a one-time five percent levy on residents with a net worth of $1 billion or more.
Rabinowitz commented that the Los Angeles luxury real estate market faces challenges due to high taxes, and that wealthy individuals often cite a mismatch between the tax rates and the public services received as a reason for leaving.
During his ownership, Wynn significantly renovated and expanded the estate. After acquiring it from Guess co-founder Maurice Marciano, he nearly doubled the mansion's size to 27,000 square feet. The interior was overhauled by former Wynn Resorts head designer Roger Thomas, and the grounds were remodeled by landscape architect Robert Truskowski.
The mansion includes 11 bedrooms, multiple kitchens, guest suites, a screening room, a wine room, and a gym and spa, along with dedicated staff and security quarters. The estate's grounds feature a pool with a pool house, a tennis court with air-conditioned seating, and parking for 26 vehicles.
Wynn stepped down as CEO of Wynn Resorts in 2018 following allegations of sexual misconduct, which he has denied.