Steve Wynn has successfully sold his extensive estate in Beverly Hills, but the deal highlights the significant decline in California’s ultra-luxury real estate market. The former casino mogul’s 27,000-square-foot property, known as Villa Lulu, was finalized this week for $47.75 million.

This sale price reflects a decrease of $100,000 from Wynn’s 2015 purchase price—prior to him investing millions in substantial renovations.

The final sale price marks a staggering $62.25 million drop from Wynn’s original asking price of $110 million in 2021 and an even larger decrease of $87.25 million from the initial off-market listing of $135 million back in 2020.

Leonard Rabinowitz, the listing agent from Christie’s International Real Estate, called the result “disappointing,” yet he acknowledged that it remains the highest sale in Beverly Hills for 2026.

Since stepping away from the casino scene in 2018 due to a sexual misconduct scandal, Wynn, now 84, has been actively engaging in the high-end residential property market, including several luxury home flips in South Florida.

Wynn acquired the Beverly Hills property for $47.85 million from Maurice Marciano, co-founder of Guess, and embarked on a massive renovation journey in collaboration with original architect William Hablinski. This involved nearly 8,000 additional square feet to the home. Wynn Resorts’ design leader, Roger Thomas, redefined the interiors, while landscape architect Robert Truskowski transformed the outdoor space.

The property features an opulent layout with 11 bedrooms, various kitchens, staff quarters, a screening room, a wine-tasting cellar, a wellness area, a tennis court with air-conditioned seating, and an expansive pool complex complete with its own lanai. A private road provides access to the gated grounds, and the property includes a generator with enough capacity to sustain the estate for over a week. Parking solutions encompass a garage and carport accommodating up to 26 vehicles.

Billionaires Move Away from California Dreams

Despite the luxurious offerings, Rabinowitz pointed out that California’s potential billionaire tax and broader apprehensions among affluent buyers have cooled demand in the highest tiers of the market.

“Individuals with significant wealth are apprehensive about California,” he commented to Mansion Global.

Villa Lulu officially listed at $110 million in 2021, experiencing numerous price adjustments before settling at $49.95 million this spring. The property went under contract in May, with the buyer’s identity remaining undisclosed.

Rabinowitz mentioned that the buyer “secured a good deal,” while Wynn is not expected to be overly concerned about the financial loss.

“He has experienced other significant successes,” the agent observed.