Steve Wynn sells Beverly Hills mega-mansion at a steep loss amid tax-driven exodus

Former casino mogul Steve Wynn has sold his 27,150-sq-ft Benedict Canyon estate for $47.75 million, far below the $110 million price he once demanded.

Steve Wynn, the 84-year-old former casino executive, has finally sold his sprawling Benedict Canyon mansion, dubbed “Villa Lulu,” for $47.75 million, a figure that barely exceeds his original 2015 purchase price of $47.85 million. The 11-bedroom, 14.5-bath home, which once carried a $110 million listing, was reduced after years of price cuts and limited buyer interest. Wynn invested heavily in an 8,000-sq-ft addition and high-end renovations, yet the final sale price reflects a broader trend of affluent Californians leaving the state due to steep taxes, according to Leonard Rabinowitz of Christie’s International Real Estate.

The buyer is identified only as an American businessman, and the transaction underscores the shrinking market for ultra-luxury homes in the region. Wynn, whose wealth is estimated at $3.9 billion, is also putting his New York City Ritz-Carlton penthouse back on the market at $70 million after previous price fluctuations. The sale highlights how tax policy is reshaping high-end real-estate dynamics on the West Coast.