Billionaire Steve Wynn sells Palm Beach mansion for $32M, up 33% in a year
Steve Wynn, a billionaire casino mogul, bought a waterfront Palm Beach home for $24 million a year ago and sold it for $32 million in less than a year.
Records show that a company called 1040 North Lake Holdings LLC, which was led by Wynn and Kim Sinatra, a former general counsel for Wynn Resorts, sold the lakefront home at 1040 North Lake Way. The buyer is 1040 N. Lakeway LLC, which is run by a lawyer named Francis X. Lynch. He or she isn’t known for sure.
The disgraced casino tycoon sold the five-bedroom, 5,056-square-foot house for 33% more than he paid for the half-acre property last year. The house has five bathrooms and is 5,056 square feet.
When the two-story Palm Beach house was built in 1954, there were two floors. There are five bathrooms and one half-bathroom. There is a covered terrace, a pool, and a dock. The Wynn-led company made changes to the property, including the kitchen and bathrooms, according to the ad. The house was on the market for $37.9 million with a top Palm Beach real estate agent, Lawrence Moens of Lawrence A. Moens Associates, who sold it. Brown Harris Stevens helped the buyer.
It’s said that Wynn is worth $3.3 billion on Forbes. He is the founder and former CEO of Wynn Resorts. He resigned from the company about four years ago after the Wall Street Journal reported that he had abused women.
People in Palm Beach have been buying and selling real estate from Wynn for a long time now. Even former President Trump told people at a Grant Cardone conference last month that Wynn is a master at flipping houses, even though he was no longer in office.
Trump said: “He does it for fun.” “He will buy a house, make some changes, and then sell it.” He doesn’t need to do it, but he likes it.
A mansion owned by private equity investor E. Burke Ross Jr. sold for $45.6 million this month. Todd Michael Glaser, a home builder who was refurbishing a landmarked Palm Beach estate, sold it for $27.5 million, which includes commissions.