Steve Wynn has slashed the prices of his luxurious homes in Beverly Hills and New York City, aiming for a quicker sale; however, significant profits at the newly listed prices seem unlikely.

The New York Post reports that Wynn’s expansive 11,000-square-foot penthouse on Central Park South is now back on the market, listed at a notable $70 million, while his Beverly Hills estate is up for sale at $50 million. Following his exit from the casino realm in 2018, Wynn, aged 84, has been actively involved in acquiring and selling upscale real estate, including notable flips of mansions in South Florida.

Wynn’s upscale Ritz-Carlton duplex in New York was acquired for $70 million in 2012. A decade later, he attempted to sell it for $90 million, but failed to attract credible offers at that level, prompting a price reduction to $65 million before it was removed from the market in 2024.

This luxurious residence boasts three bedrooms, four full bathrooms, two half-baths, and features what a real estate agent described to the Post as stunning views of Central Park.

Potential Motivations Behind Wynn’s NYC Real Estate Sales

Although Wynn’s political views often clash with those prevalent in New York City, it remains unclear if these factors influence his decision to sell the Central Park penthouse.

Nonetheless, it is evident that the city imposes a pied-à-terre tax on condos, co-ops, and various residential properties that are not designated as the owner’s primary residence, which likely applies to Wynn’s currently listed property.

Recently, Governor Kathy Hochul and New York City Mayor Zohran Mamdani, both Democrats, proposed a novel tax on second homes valued over $5 million, aiming to generate $500 million in new revenues.

While the politicians have not directly targeted Wynn’s property ownership in discussions, Hochul has voiced criticism regarding the ownership of high-end New York real estate by Russian oligarchs. Mayor Mamdani faced backlash from political opponents for recording a video advocating for the pied-à-terre tax in front of a Central Park South building owned by Ken Griffin, the CEO of Citadel. Griffin retaliated, stating his hedge fund could shift development and jobs away from New York in favor of South Florida.

Historical Insights into Wynn’s Beverly Hills Mansion

On the West Coast, Wynn’s mansion located at 1210 Benedict Canyon Road in Beverly Hills has an intriguing sales history. He purchased the property for $47.85 million in 2015, initially aiming for a nearly tripled return by listing it at $135 million in 2020.

This initial listing was removed, and the property was reintroduced to the market last November at a lower price of $65 million. Now, the casino mogul is listing this lavish 11-bedroom, 16-bath estate for $50 million.

Known as Villa Lulu, the mansion is subject to Beverly Hills’ annual property tax of 1.22%, costing over $600,000 on a $50 million property.