Casino magnate Steve Wynn is swinging the price axe on two long-stalled trophy homes, his Central Park penthouse at the Ritz-Carlton and his Benedict Canyon estate known as "Villa Lulu." The New York Post has pegged the combined reductions at about $105 million. Both properties have cycled on and off the market for years and are now back with fresh, slimmer price tags that highlight how choppy demand has become at the very top of the housing market. Buyers and brokers say ultra-luxury listings now call for more patience and more realistic pricing than they did just a few years ago.
Ritz-Carlton Penthouse Relisted At $70 Million
The duplex spanning the 30th and 31st floors of 50 Central Park South is back on the market at $70 million, according to listing details. The residence measures roughly 10,875 square feet and includes terraces, a 44-foot living room and 15-foot ceilings, per Realtor. Wynn first tried to sell the penthouse for $90 million in December 2022, as reported by The Real Deal, after buying it roughly a decade earlier for about $70 million. The Corcoran Group listing is being handled by Deborah Grubman and her team, according to public records.
Villa Lulu's Price Trimmed After Years On Market
On the West Coast, Wynn's Benedict Canyon compound, nicknamed Villa Lulu, is being pitched as a scaled-back mega-estate. Brokerage materials and a Christie's-linked listing describe roughly 27,000 square feet, 11 bedrooms and amenities that read like a private resort, according to the LeonardR Group. Coverage earlier this year and listing records put the compound's current asking price near $75 million, after it first surfaced in 2021 with a much higher headline number, per Chron. Wynn bought and renovated the estate in the middle of the last decade, then repeatedly reset the price as it moved on and off the market.
Why The Cuts Matter
The price trims arrive as the ultra-luxury segment continues to cool from its pandemic peak, with trophy properties sometimes lingering for years and carrying hefty upkeep and tax bills in the meantime. The New York Post tallied the combined reductions and estimated the carrying costs on the Manhattan penthouse alone at about $565,000 a year, a steady financial drip that can nudge even deep-pocketed owners toward price resets. Brokers say the inventory is there for buyers who want it, but the deals increasingly require concessions, patience and a taste for complexity.
Listing Agents Push The 'Spectacular' Case
"It is a spectacular property based on its size and its views," Corcoran broker Deborah Grubman told the New York Post, defending the Central Park home's scale and outlook. Grubman and the other agents working Wynn's listings are betting that a trimmed price and hotel-style services will eventually hook a buyer who wants both high-profile views and behind-the-scenes privacy. For now, the properties remain high-wattage tests of just how much appetite is left at the pinnacle of the market.
Wynn's Long Game
Wynn's latest adjustments fit a familiar pattern for him, buy, upgrade and position for an aspirational sale, then ratchet expectations down when offers do not materialize. The penthouse was purchased for about $70 million in 2012, according to The Real Deal, and his Beverly Hills renovation has been re-priced multiple times since it first hit the market. Whether these latest cuts finally produce buyers will depend on how many ultra-wealthy shoppers step up this season and how much further Wynn and his brokers are prepared to bend on price.
