Steve Wynn has finally unloaded his sprawling Beverly Hills estate — but at a price that underscores just how sharply California’s ultra‑luxury market has cooled. The disgraced former casino magnate’s 27,000‑square‑foot mansion, nicknamed Villa Lulu, closed this week for $47.75 million.
That’s $100K less than Wynn paid for it back in 2015 — before he pumped multiple millions into a massive renovation.
The sale price represents a $62.25 million drop from Wynn’s initial asking price in 2021 and an $87.25 million plunge from the $135 million off‑market number floated when he first began quietly shopping the property in 2020.
Listing agent Leonard Rabinowitz of Christie’s International Real Estate called the outcome “disappointing,” though he noted it still ranks as Beverly Hills’ highest sale of 2026.
Since he was forced to leave the casino industry in 2018 in a sexual misconduct scandal, Wynn, 84, has actively bought and sold high-end residential real estate, including flipping mansions in South Florida.
Wynn purchased his Beverly Hills manse for $47.85 million in 2015 from Guess co‑founder Maurice Marciano, then embarked on a years‑long overhaul. Working with original architect William Hablinski, he expanded the home by nearly 8,000 square feet. Wynn Resorts’ longtime design chief, Roger Thomas, reimagined the interiors, while landscape architect Robert Truskowski reshaped the grounds.
The result was a palatial compound with 11 bedrooms, multiple kitchens, staff quarters, a cinema room, wine‑tasting cellar, wellness wing, tennis court with air‑conditioned seating, and a pool complex with its own lanai. A private road leads to the gated estate, and a generator capable of powering the property for more than a week was included in the listing. Parking accommodations span a garage and carport large enough for 26 vehicles.
Billionaires Stop California Dreamin’
Despite the amenities, Rabinowitz said California’s proposed billionaire tax and broader concerns among high‑net‑worth buyers have chilled demand at the top of the market.
“People with that kind of wealth are nervous about California,” he told Mansion Global.
Villa Lulu officially hit the market in 2021 at $110 million and cycled through several price fluctuations (mostly reductions) before landing at $49.95 million this spring. It went under contract in May, with the buyer’s identity still undisclosed.
Rabinowitz said the purchaser “got a deal,” while Wynn is unlikely to be rattled by the loss.
“He’s had other huge wins,” the agent said.
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