Casino mogul Steve Wynn has sold his Beverly Hills mansion for $47.75 million, a significant markdown from its initial asking price, as a proposed billionaire tax and other escalating tax burdens prompt wealthy residents to leave California.
Wynn's 2.7-acre estate, featuring a 27,000-square-foot mansion, was initially listed off-market for $135 million in 2020. It was later publicly listed for $115 million in 2021 before undergoing several price reductions, most recently being priced at $49.95 million in May. The final sale price was $87.25 million less than the original off-market asking price.
The buyer acquired the property for slightly less than the $47.85 million Wynn paid for it in 2015. Despite being the most expensive Beverly Hills home sale this year, the transaction highlights challenges in the ultra-luxury real estate market, according to listing agent Leonard Rabinowitz of Christie's International Real Estate. Rabinowitz noted that wealthy individuals are increasingly moving to states like Florida and Texas, reducing the buyer pool for homes in the $40 million-plus category.
California's proposed one-time five percent tax on residents with a net worth of $1 billion or more is a contributing factor to this trend. Several high-profile billionaires, including Google co-founders Larry Page and Sergey Brin, Facebook co-founder Mark Zuckerberg, and Palantir co-founder Peter Thiel, have relocated their permanent residences to Florida. These individuals represent a combined net worth nearing $800 billion.
Although Wynn's permanent residence is in Palm Beach, Florida, exempting him from California's proposed tax, his sale reflects a broader migration of the state's wealthiest residents. Rabinowitz cited the high tax rates in California compared to states like Florida, where lower taxes are coupled with what he described as better public services, making relocation financially advantageous for the ultra-wealthy.
Estate Renovations
Wynn had significantly renovated the Beverly Hills property after purchasing it from Guess co-founder Maurice Marciano. He expanded the mansion by nearly 12,000 square feet to its current 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 estate includes 11 bedrooms, multiple kitchens, guest suites, a screening room, a wine room, a gym, and spa facilities. The grounds feature a pool with a pool house, a tennis court with air-conditioned seating, and parking for up to 26 vehicles. Wynn stepped down as CEO of Wynn Resorts in 2018.