Luxury Real Estate Market Challenges: A Case Study Of Steve Wynn's Mansion

If you’re a regular reader of this site you probably already know that it’s not a great time to be trying to sell luxury real estate. The plight of billionaire Steve Wynn illustrates this situation like few others can. Wynn has once again slashed the asking price of his expansive Beverly Hills mansion to $65 million. That’s a far cry from the $125 million asking price it was listed at in the spring of 2021, and a cool $10 million less than where it was just in January of this year.

It’s hard to imagine a property like this dipping much lower than $65 million. It’s got over 27,000 square feet of interior space, with room for 11 bedrooms and a whopping 16 baths. This mansion also includes amenities like a wine cellar, an up-to-date home theater, a full-size gym, and even a massage room.

Outside the home shines just as brightly as it does indoors, if not more so, with three acres of land in all. There’s the lanai and obligatory swimming pool, as well as an outdoor kitchen and championship tennis court (complete with its own pavilion). The location is also primo enough to be worth mentioning, over and above even in the ritzy neighborhood of Beverly Hills, reportedly “on a private road off of Los Angeles’ famed Sunset Blvd.”

The property’s official listing goes on: “Every detail has been constructed with the most exquisite taste, quality, and extraordinary materials. There are high ceilings throughout, great walls for art, and the perfect flow for large scale entertaining. The main residence features a grand 2 story entry foyer, a truly spectacular living room, grand dining room, office/study, a family room with a bar…There are 4 additional en-suite bedrooms, a great guest house with a full kitchen, 3 staff bedrooms with a staff kitchen, and 2 additional staff rooms with a kitchenette.”

And now this “incredible trophy estate” (as the listing describes it) is available at a relative steal.