Billionaire accepts defeat and sells mansion for $87m LESS than asking

Casino mogul Steve Wynn has sold his sprawling Beverly Hills mansion at a mᴀssive discount amidst a proposed billionaire tax in California that has prompted several of the country’s wealthiest people to flee the state.

Wynn recently sold his 2.7-acre estate with a 27,000sq ft mansion on the property in the famous 90210 zip code for $47.75 million, an astonishing $87.25 million less than his initial off-market asking price in 2020. 

Over the past six years, the casino mogul – estimated to be worth around $4 billion by Forbes – has been trying to sell his California mansion, intermittently decreasing the price along the way. 

The estate was first publicly listed in 2021 for $115 million after Wynn found no takers for his $135 million off-market asking price the year before. It was then relisted several times, most recently being priced at $49.95 million in May. 

The undisclosed buyer purchased the property at a slight discount from the $47.85 million Wynn paid in 2015. 

Although the purchase marks the most expensive Beverly Hills home sale so far this year, the listing agent who brokered the deal, Leonard Rabinowitz of Christie’s International Real Estate, told the Daily Mail that the ultra-luxury real estate market has been suffering amidst California’s high tax burden for the state’s wealthiest.

‘Super high-wealth individuals are moving to Florida and Texas… so homes in the $40 million plus category have fewer buyers,’ Rabinowitz said. 

California has proposed a one-time five percent tax on residents with a net worth of $1 billion or more, which among other escalating tax burdens for the state’s wealthiest, has led to the high-profile departures of several billionaires. 

Billionaire casino mogul Steve Wynn recently sold this 2.7-acre Beverly Hills estate for $47.75 million, which is $87.25 million less than his initial off-market asking price in 2020

The initial off-market asking price was $135 million, and the estate was first publicly listed for $115 million. The interior of one of the rooms with a view of the LA skyline is pictured

Those who have left include Larry Page and Sergey Brin, the co-founders of Google; Mark Zuckerberg, co-founder of Facebook; and Peter Thiel, co-founder of Palantir. 

All four of those individuals moved their permanent residences to Florida and represent a combined net worth of nearly $800 billion.

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Wynn’s permanent residence is already located in Florida’s Palm Beach, so he would not have been subjected to the billionaire tax, but the sale of his only property in the state comes amidst a broader trend of California’s wealthiest leaving.

Rabinowitz noted that the luxury Los Angeles real estate market is in ‘one of the highest-taxed cities and states in the country,’ and added: ‘The theme I hear from ultra-wealthy people is they wouldn’t mind paying the taxes if the services they received lined up with the tax rate.’

He said that when comparing California to places such as Florida, where tax rates are lower but the public services are better, it makes little sense to stay in the Golden State.

Wynn spent years renovating and improving the California estate he is parting ways with. 

After purchasing the property from Guess co-founder Maurice Marciano, Wynn expanded the mansion by nearly 12,000sq ft to a total of 27,000sq ft. 

He then enlisted the help of former Wynn Resorts head designer Roger Thomas to overhaul the enormous three-story interior, and he brought in landscape architect Robert Truskowski to remodel the grounds. 

Wynn spent years expanding the mansion and renovating the estate’s grounds before he started trying to sell it in 2020

The mansion boasts 11 bedrooms, multiple kitchens, guest suites, a screening room, a wine room and a gym and spa. There is also dedicated space for staff and security teams. 

The sprawling grounds include a pool with a pool house, a tennis court with an air-conditioned seating area, a garage and carport with space for 26 vehicles and manicured lawns. 

Wynn stepped down from CEO of Wynn Resorts in 2018 following allegations of Sєxual misconduct, which he has denied.