Steve Wynn Scoops West Palm Beach Home Near Mar-a-Lago, Demolition Planned

Posted on: December 24, 2024, 09:21h. 

Last updated on: December 24, 2024, 10:05h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Steve Wynn continues to buy and sell luxury residential real estate in posh West Palm Beach, Fla. The former casino tycoon’s latest bet is on a nearly $13 million, three-bed, two-bath 2K-square-foot pad along Washington Road just south of the highly sought-after Prospect Park Historic District.

Steve Wynn West Palm Beach Florida
Steve Wynn is the new owner of the West Palm Beach home along Washington Road. The casino billionaire is likely to demolish the home to build a modern abode. (Image: MLS)

Palm Beach County real estate records show that an entity controlled by Wynn closed on 2916 Washington Rd. on December 12. The man who helped overhaul the Las Vegas Strip from a seedy gambling town into a five-star luxury resort destination paid $12.9 million for the 2,005-square-foot home that sits on a half-acre.

The waterfront home is on the Lake Worth Lagoon and has a distant view of President-elect Donald Trump’s Mar-a-Lago. Wynn remains close with the incoming 47th president of the United States and contributed heavily to his 2016, 2020, and 2024 campaigns.

Before his reputation took a damning hit in 2018 when allegations of sexual misconduct were levied against him by former Wynn Resorts workers, Wynn served as the finance chair of the Republican National Committee.

House to Be Razed

A person close to the Washington Rd. sale to Wynn says the billionaire is expected to demolish the current 68-year-old house to make way for a larger, more modern home. While the seller might not be too pleased to learn that after living in the house since 1984, they nonetheless made a nice return on the property after purchasing it 40 years ago for $275K.

Wynn has become a prominent house flipper in the area. In April 2022, he sold 1040 N. Lake Way in Palm Beach for $32 million after buying it a year earlier for $24 million.

Wynn’s renovation team, led by Robert Thomas, who helped design the lavish interiors of Wynn’s Las Vegas casino hotels, overhauled the mansion and flipped it for a major profit.

Up the road, Wynn also turned a profit on 235 Via Vizcaya, a more than 7,200-square-foot mansion on Lake Worth Lagoon. After buying the property that’s a half-mile north of Mar-a-Lago for $18.4 million in December 2020, Wynn sold the home for $23.6 million in March 2021.

Wynn’s primary home these days is 1960 S. Ocean Blvd. in Palm Beach. Wynn bought the oceanfront mansion in August 2019 for $43 million. Zillow’s current “Zestimate” for the 24,600-square-foot mansion that has eight bedrooms, 19 baths, and bay frontage is more than $97 million.

Art Gallery Opens 

Along with his real estate ventures in South Florida, Wynn frequents Aspen where he co-owns a 22K-square-foot compound that’s worth $110 million. To immerse himself into the community, Wynn recently opened Wynn Fine Art, an art gallery at 616 E. Hyman Ave. where he’s showing off some of his works from his private collection.

Museum-quality works from Pablo Picasso, Andy Warhol, Roy Lichtenstein, and Jean Michel Basquiat adorn the walls. Wynn also has Wynn Fine Art galleries in Beverly Hills, New York, and West Palm Beach.