Billionaire casino mogul Steve Wynn flipped a waterfront Palm Beach home for $32 million within a year of buying the property for $24 million.
Property records show 1040 North Lake Holdings LLC, led by Wynn and Kim Sinatra, former general counsel at Wynn Resorts, sold the lakefront house at 1040 North Lake Way. The buyer is 1040 N. Lakeway LLC, which is managed by attorney Francis X. Lynch. The true identity of the buyer is unknown.
The disgraced casino tycoon sold the five-bedroom, 5,056-square-foot house for 33 percent more than he paid last year for the half-acre property.
The two-story Palm Beach home was built in 1954 and includes five bathrooms, one half-bathroom, a covered terrace, a pool and dock. The Wynn-led entity renovated the property, including the kitchen and bathrooms, according to the listing.
The house was on the market for $37.9 million with top Palm Beach broker Lawrence Moens of Lawrence A. Moens Associates. Brown Harris Stevens represented the buyer.
Wynn, who is worth $3.3 billion, according to Forbes, is the founder and former chairman and CEO of Wynn Resorts. He stepped down from the company about four years ago after multiple allegations of sexual misconduct were revealed by the Wall Street Journal.
Wynn has been buying and selling real estate in Palm Beach for years. Even former President Donald Trump, at a Grant Cardone conference held last month, told attendees that Wynn is a master house flipper.
“He does it for sport,” Trump said. “He will buy a house, fix it up a little and sell it. He doesn’t need to do it, but he likes it.”
A company tied to Wynn paid $49 million for a lakefront mansion at 1350 North Lake Way in March 2021. That same month, he flipped the waterfront property at 235 Via Vizcaya for $23.7 million, two months after buying it for $18.4 million.
And in 2019, he paid $43 million for the oceanfront mansion at 1960 South Ocean Boulevard. A year earlier, he sold the lot at 1350 South Ocean Boulevard for more than $20 million.
Demand for high-end homes reached new heights over the past couple of years in Palm Beach, pushing prices up and inventory way down.
At the end of the first quarter, the median price of single-family homes in Palm Beach jumped 51 percent to about $10 million, according to the Elliman reports. Inventory fell 71 percent to 53 single-family home listings, and single-family home sales totaled 21 during the first quarter, down 5 percent, year-over-year.