Steve Wynn has made another notable reduction in the asking price of his sprawling estate in Beverly Hills, signaling his persistent attempt to sell one of the city’s most luxurious and high-profile residences. The seasoned casino magnate, now 80 years old, has adjusted the price to $65 million, which is $10 million less than the $75 million figure set earlier in the year, and a significant $70 million decrease from the initial $135 million listing in 2020.
The estate, located in the prestigious Benedict Canyon, spans over 27,000 square feet and remains one of the most expensive properties on the Los Angeles market, even with its lowered price. Nestled at the end of a secluded private lane, the property exudes the grandeur and luxury typically associated with Wynn’s renowned hotel and casino enterprises rather than a private residence.
Wynn acquired this opulent property in 2015 for approximately $48.7 million. Following the purchase, he commissioned Roger Thomas, his long-time design collaborator responsible for the interiors of several iconic Wynn and Encore resorts, to extensively revamp the home. The transformation included adding roughly 8,000 square feet and reimagining the house’s aesthetic from a traditional style to a sleek, contemporary gallery-like design.
The current listing highlights the estate’s exceptional privacy and vastness. It features 11 bedrooms, including four guest suites ideal for extended stays. The interior boasts expansive glass-wrapped rooms that offer breathtaking panoramic views of the city. Key highlights of the mansion include a private screening room, a wine chamber, a massage suite, and extensive space for entertaining. The exterior complements the luxurious interior with a full-size tennis court, a pool, and sprawling lawns.
Despite these remarkable features, the estate has seen its price adjusted four times since it originally hit the market. This frequent price revision underscores Wynn’s eagerness to secure a buyer, aligning with his broader strategy to divest from various real estate holdings.
Earlier this year, Wynn also reduced the asking price of his Atlantic City penthouse located at 3101 Boardwalk, dropping it to $2.2 million from an initial $4 million. This penthouse served as his residence during his tenure overseeing the Golden Nugget, a casino he developed after demolishing an old motel on the site back in 1980.
These real estate adjustments mirror Wynn’s influential career, which saw him become one of the most groundbreaking developers in Las Vegas. He was instrumental in guiding Mirage Resorts and later Wynn Resorts through some of the most significant transformations on the Las Vegas Strip. However, the Benedict Canyon estate remains unsold, despite the latest price cut sparking renewed interest. The question that lingers is whether this reduction will finally entice a buyer to make a commitment.
Not everyone in the industry shares the same optimism. Some market analysts point out that the luxury real estate market in Los Angeles has experienced fluctuations, with shifts in buyer preferences and economic uncertainties impacting high-end sales. While price adjustments can indeed attract interest, they argue, the ultimate sale depends on aligning with the right buyer’s vision and timing.
Yet, there’s a counterpoint worth considering: the prestige associated with such high-profile properties can attract a unique type of buyer who values exclusivity and privacy. Potential buyers might be less sensitive to broader market trends and more focused on the long-term value and personal significance of owning a renowned estate.
Additionally, Wynn’s history and reputation in the hospitality industry add an intriguing element to the property’s allure. Prospective buyers are not just purchasing real estate; they are acquiring a piece of a legacy associated with luxury and excellence orchestrated by a visionary who has left a significant mark on the Las Vegas skyline.
As the process unfolds, Wynn’s strategic price reductions could be seen as a calculated move to increase the allure of the estate. He seems determined to close this chapter of his real estate portfolio, perhaps to focus on new ventures or simplify his holdings.
The Beverly Hills estate saga continues, with its future owner remaining unknown. Whether Wynn’s latest pricing strategy finally persuades a buyer to step forward remains to be seen.
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