A firm led by billionaire Steve Wynn sold a mansion along the Intracoastal Waterway in Palm Beach for $32 million.
The casino mogul rolled the dice on the Palm Beach housing market and came up a winner, as he generated a nice profit on the deal.
The 5,057-square-foot home at 1040 N. Lake Way was sold by 1040 North Lake Holdings LLC, managed by Wynn, to 1040 N. Lakeway LLC, managed by West Palm Beach-based attorney Francis X. Lynch . It’s unclear who the buyer is. Lawrence Moens with Lawrence A. Moens Associates represented the seller in the deal, while Ashley O’Neil of Brown Harris Stevens worked with the buyer. The price equated to $6,328 a square foot.
Wynn’s company purchased the home for $24 million in March 2021. Home values have surged in Palm Beach as more wealthy people seek to move to the town, but relatively few homes are on the market.
The home was built on the 0.45-acre lot along the Intracoastal Waterway in 1954. It features five bedrooms, 5.5 bathrooms, a dock and a pool.
Wynn still has plenty of real estate in Palm Beach. He retains ownership of a mansion he bought for $49 million in 2021 and $43 million in 2019 .
Wynn built and managed Las Vegas casinos including The Mirage, Treasure Island, Bellagio and Wynn Las Vegas. He resigned as chairman and CEO of Wynn Resorts in 2018 amid allegations of sexual misconduct by multiple women. Wynn denied the allegations. Several lawsuits involving the allegations remain pending.
