Steve Wynn’s $85M California Mansion Hasn’t Sold After Two and a Half Years

Article ByDavid Weir

June 19, 2023

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Posted in: US Casino News, California Gambling News

Billionaire former Wynn Resorts CEO and founder Steve Wynn is still searching for a buyer for his 11-bedroom Los Angeles residence.

The 27,000-square-foot property on the exclusive Benedict Canyon Drive in Beverly Hills has been on the market for two years, and its price has been slashed twice. Wynn originally put it on the market in January 2021 for $110 million. Now he’s asking for $85 million.  

Resorts Empire

Wynn Resorts operates several casinos on the Las Vegas Strip, including the Encore and Wynn Las Vegas. Wynn himself also founded Mirage Resorts, which was bought out by MGM Resorts International for $6.6 billion in 2000.

In 2018, Wynn stepped down from his namesake company that he founded in 2002. He resigned after a series of sexual misconduct allegations by female staff members under his employ.

He then sold his shares for $2.1 billion. In recent years, Wynn has off-loaded some $300 million in real estate, including his Las Vegas mansion. He sold that for $17.5 million in 2022 after originally listing it at $24.5 million.

At the time of listing, the 1210 Benedict Canyon Drive property would have been one of the most expensive Los Angeles area homes ever sold.

He bought it for just shy of $48 million in 2015. So, even at $85 million, it still represents a significant profit.

Rare and Decadent Materials

The house itself has a 2.7-acre plot with 11 bedrooms and 13 bathrooms, a home cinema, a gym, a wine cellar, and a bar room. It also includes a guest house on the property, as well as outdoor and indoor pools and a tennis court.

After Wynn bought it from Guess Inc. clothing cofounder Maurice Marciano, he extensively upgraded the property. That was done with the help of his long-term designer, Roger Thomas, who led the decoration of several Las Vegas casinos.

The property listing, on “inquiry only” from Beverly Hills realtors Hilton & Hyland, waxed lyrical about the décor and design choices.

The property is a “spectacular generational estate envisioned by a master,” with the “most exquisite taste showcasing rare and decadent materials, alongside sensational views and stunning light quality throughout,” the listing says.

Property Sales

The property is not the only high-profile L.A. mansion during this period that was originally listed at a $100 million plus, only to be knocked down after not finding a buyer.

The hyped “The One” mega-mansion in Bel Air was originally rumored to be for sale at $500 million. However, that dropped to $295 million before it sold at a bankruptcy auction last year for $126 million.

Whoever buys the Benedict Canyon property from Wynn will also face hefty property taxes. For a $54-million-plus mansion in Beverly Hills, taxes amount to about $645,000 per year.

Wynn, though, can comfortably afford that for now. Forbes estimated his net worth at $3.1 billion last year.

As well as the Beverly Hills property, he is also selling two neighboring Idaho lodges for $27 million the pair, and a $78.5 million Palm Beach mansion. The most expensive, now that the Beverly Hills property has lowered in price, is his New York City penthouse at $90 million.