Steve Wynn’s $135M Beverly Hills estate sells for just $47.75M
Billionaire Steve Wynn sold his Beverly Hills estate, Villa Lulu, for $47.75 million after struggling to find a buyer for over five years. The final sale price is nearly identical to his original 2015 purchase price, despite significant investments in renovations.
Why it matters
It reflects the cooling of the ultra-luxury real estate market in Los Angeles and the risks associated with high-end property speculation.
For more than five years, billionaire casino developer Steve Wynn searched for a buyer for his lavish Beverly Hills mansion. According to sfgate, once quietly marketed for as much as $135 million, the estate has reportedly sold for $47.75 million, bringing to a close one of the longest-running sales stories in Los Angeles' ultra-luxury real estate market.The property, known as Villa Lulu, spans approximately 27,000 square feet and sits on around 2.7 acres in the prestigious Beverly Hills neighbourhood. Wynn originally purchased the estate in 2015 for $47.85 million and later invested heavily in expanding and renovating the home, transforming it into a grand contemporary estate designed for luxury living.A years-long search for the right buyerThe path of the mansion to sell successfully was far from smooth sailing.
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