Billionaire casino magnate Steve Wynn bought a waterfront teardown in West Palm Beach for $12.9 million, more than a year after selling a mansion in Palm Beach for $66 million.
Wynn bought the waterfront house at 2916 Washington Road, Page Six first reported. The deal closed on Dec. 13 and has yet to appear in public records.
Jessica Julian of Douglas Elliman had the listing.
Wynn is the billionaire co-founder of Wynn Resorts. Forbes pegs his net worth at $3.7 billion. He resigned from his role as chairman and CEO of the company in 2018 after a slew of sexual misconduct allegations, which he denies.
He has been a longtime resident of Palm Beach, where he has made a habit of buying and selling homes. Last year, he sold a lakefront Palm Beach mansion to coffee mogul Bob Stiller for $66 million, two years after buying it for $49 million. In 2019, he bought the oceanfront compound at 1960 South Ocean Boulevard for $43 million, which he currently lists as his homestead, according to public records.
At Grant Cardone’s 2022 10X Growth Conference, Donald Trump described Wynn’s residential investments as a house-flipping hobby. “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.”
Records show the seller in Wynn’s latest purchase is Christopher K. Swindle, who also owns the waterfront West Palm Beach house at 7608 South Flagler Drive. The current tenants of the home on Washington Road are Republican fundraisers Bill White and Bryan Eure, Julian confirmed.
Swindle bought the house for $270,000 in 1984, according to property records. It was built in 1956 on half an acre, and spans 2,000 square feet, with three bedrooms, two bathrooms, a pool and dock, records show.
He listed it for $13 million last year, according to Zillow.
West Palm Beach’s luxury real estate market, which has historically lagged behind its island neighbor Palm Beach, is picking up steam in the wake of South Florida’s pandemic boom. Developers have thousands of luxury condos in the pipeline. This year, sporting goods moguls and art collectors David and Becky Gochman downsized from their $51.3 million Palm Beach mansion to a $9.4 million non-waterfront spec house in West Palm Beach’s historic El Cid neighborhood.