Steve Wynn has sold his Beverly Hills mansion, known as “Villa Lulu,” for $47.75 million, a substantial discount from its initial asking price and even less than Wynn originally paid for the property. The sale of the 27,150-square-foot estate at 1210 Benedict Canyon Drive concludes a lengthy marketing effort that began in 2020.
The 11-bedroom, 14.5-bath residence was first eyed for a sale with a $135 million price tag in 2020. By the time it was officially listed in 2021, the price had been set at $110 million. After multiple price reductions and a lack of buyer interest, the final sale price represents a discount of $87.25 million from the initial listing and $62.25 million from the 2021 price. The sale price was also $100,000 less than Wynn's original purchase price.
Wynn acquired the 2.7-acre property in 2015 for $47.85 million from Maurice Marciano, co-founder of Guess jeans. He subsequently invested millions into an 8,000-square-foot expansion and extensive renovations.
Leonard Rabinowitz of Christie’s International Real Estate, who handled the listing, attributed the declining price to California's tax rates, including taxes on billionaires, which he stated are prompting residents to relocate to states like Florida and Texas. Rabinowitz noted that a shrinking buyer pool contributes to falling property values.
The estate features a private road, a reception area, a bar, a grand living room, and a standalone guest apartment. The primary suite includes dual amenities, and separate quarters are available for staff and security personnel. Among the mansion's amenities are a 40-seat home theater, a wellness center with a commercial-grade gym, hot and cold plunge pools, a hyperbaric chamber, a spa suite with dual massage tables, and a wine room capable of holding at least 700 bottles.
The buyer has been identified by Rabinowitz as an "American businessman." Despite the significant loss on the Beverly Hills property, Rabinowitz indicated that Wynn has a history of successful property investments, particularly in Palm Beach, where he currently resides.
Wynn, who Forbes estimates has a net worth of $3.9 billion, has also relisted his penthouse at the Ritz-Carlton in New York City for $70 million. He purchased this property in 2012 for $70 million, initially listed it for $90 million in December 2022, reduced the price to $65 million, and then withdrew it from the market before the current relisting.
In 2018, Wynn faced allegations of sexual misconduct, which he denied. These allegations led to a $20 million investor settlement. Rabinowitz stated that these past events had no bearing on the pricing or sale of the Beverly Hills mansion.