Posted: Jul 5, 2021 at 2:42 am
Last updated: July 5, 2021, 3:18 am.
Billionaire Steve Wynn has apparently gotten into the real estate industry since his shameful exit from the casino business in 2018.
Steve Wynn and his wife Andrea Hissom are vacationing in France in 2018. The former casino owner could not find buyers for his villas in Nevada and California. (Image: Splash News)
Wynn is thriving in Palm Beach, Florida. In March, the former casino tycoon earned more than $ 5 million in just three months on a luxury lakefront property. After purchasing the mansion in December 2020 for $ 18.4 million, a Wynn-controlled company sold the extravagant property in March for nearly $ 23.7 million.
But the man who changed the Las Vegas Strip forever doesn’t find the same happiness in southern Nevada. In June 2020, Wynn listed his villa in Summerlin on so-called “Billionaire’s Row”. The asking price? $ 25 million.
If it had sold at that price, it would have become the all-time record sale for a Nevada residential property. But the site, located at 1717 Enclave Court, never found a buyer – even after the price was lowered to $ 19.5 million. The entry was removed in March.
Meanwhile, it hit $ 25 million in home sales this week. LoanDepot founder Anthony Hsieh – no relative of the late Zappos founder Tony Hsieh – paid $ 25 million for a three-story, 15,000-square-foot home overlooking Las Vegas in the exclusive MacDonald Highlands community in Henderson.
The previous record for a home sale was $ 17.55 million, which was set in 2016 when magician and illusionist David Copperfield bought a 31,000-square-foot home in Summerlin.
$ 110 million stolen?
Steve Wynn had no luck trying to sell his Billionaire’s Row pad. He met a similar fate in Los Angeles.
In January, Wynn launched his sprawling Beverly Hills estate for a whopping $ 110 million. The billionaire bought Benedict Canyon Drive for $ 47.85 million from Guess Jeans co-founder Maurice Marciano in 2015.
Wynn attempted to rank the 3-acre property among the most expensive real estate sales in California history. Amazon founder Jeff Bezos set the record in 2020 when he handed out $ 165 million for the historic Warner Estate in Beverly Hills.
But Wynn’s 11-bed, 16-bath mansion found no buyer. In contrast to Las Vegas, there seems to be a lot of interest.
After the mega-villa was originally listed for $ 110 million in January, the price increased to $ 115 million in February and to $ 125 million in April. The entry was then removed on July 1st.
Same name, different company
Wynn Resorts promised gambling regulators in Nevada, Massachusetts and Macau to revise its company’s handling of sexual misconduct allegations after Steve Wynn was accused of harassment by numerous workers. Wynn continues to deny that he has ever acted inappropriately.
However, Wynn Resorts has redesigned its board of directors to include four women and put in place procedures for reporting sexual misconduct.
Ellen Whittemore, Executive Vice President and General Counsel of Wynn Resorts, was one of those women appointed to the board in 2018. She said in June that the entire company has embraced its new culture.
“We’re really committed to diversity and inclusion, preventing sexual harassment, and really embracing and encouraging women in the workplace,” said Whittemore.
