Published on: December 24, 2024, 09:21h.
Last updated on: December 24, 2024, 09:21h.
Steve Wynn continues his investment in luxury residential real estate in West Palm Beach, FL. The former casino mogul recently purchased a three-bedroom, two-bathroom, 2,000-square-foot property for almost $13 million on Washington Road near the Prospect Park Historic District.
Property records in Palm Beach County indicate that a company linked to Wynn finalized the purchase of 2916 Washington Rd. on December 12. The influential figure in the transformation of the Las Vegas Strip bought the 2,005-square-foot house on a half-acre lot for $12.9 million.
Overlooking the Lake Worth Lagoon, the house offers a distant view of Mar-a-Lago, owned by President-elect Donald Trump. Wynn has been a significant supporter of Trump’s political campaigns in recent years.
Despite facing allegations of misconduct in 2018, Wynn, a former finance chair of the Republican National Committee, continues his real estate ventures enthusiastically.
Plans for Redevelopment
Sources close to the sale of the Washington Rd. property to Wynn suggest that the billionaire intends to demolish the current 68-year-old house to construct a more modern, larger residence. The seller, who owned the property since 1984, is set to make a significant profit after buying it for $275,000 forty years ago.
Wynn has established himself as a successful real estate investor in the area. He sold 1040 N. Lake Way in Palm Beach for $32 million in April 2022 after purchasing it a year earlier for $24 million.
Under the guidance of Robert Thomas, his renovation team transformed the mansion, leading to a substantial financial gain upon resale.
Wynn also profited from his investment in 235 Via Vizcaya, a 7,200-square-foot property on Lake Worth Lagoon. Acquired for $18.4 million in December 2020, he sold the house for $23.6 million in March 2021.
Wynn’s primary residence is currently at 1960 S. Ocean Blvd. in Palm Beach, a property purchased for $43 million in August 2019. The mansion, with eight bedrooms, 19 bathrooms, and bay frontage, is estimated to be worth over $97 million by Zillow.
New Art Gallery Opening
Apart from his real estate interests in South Florida, Wynn shares ownership of a $110 million compound in Aspen. To engage with the local community, Wynn recently launched Wynn Fine Art at 616 E. Hyman Ave., showcasing pieces from his private collection by artists like Picasso, Warhol, Lichtenstein, and Basquiat.
Wynn Fine Art galleries can also be found in Beverly Hills, New York, and West Palm Beach.