California is considering implementing a “billionaire wealth tax”, causing top billionaires to flee. Casino tycoon Steve Wynn recently admitted defeat, selling his luxurious estate in Beverly Hills for a reduced price of $87.25 million.
According to The Washington Post, real estate broker Leonard Rabinowitz revealed that the 84-year-old former casino owner with a net worth of $3.9 billion has just sold his 2.7-acre luxury estate in Benedict Canyon for $47.75 million.
The mansion boasts 11 bedrooms, 14.5 bathrooms, and multiple kitchens. In 2020, the estate was rumored to be priced at as high as $135 million; in 2021, Wynn officially listed it for $110 million, but with no takers, after multiple re-listings and price adjustments, in May of this year, Wynn reduced the price to $49.95 million.
Last Monday (July 27), this luxury estate was finally sold to a mysterious buyer for $47.75 million, $100,000 lower than Wynn’s purchase price.
In 2015, Wynn acquired this residence from Maurice Marciano, co-founder of Guess, and extensively renovated it to his own style. Rabinowitz stated that with the assistance of the original architect William Hablinski, he expanded the area of the original house by nearly 12,000 square feet.
Rabinowitz mentioned that the new buyer is an “American businessman.”
Rabinowitz noted that due to the exodus of billionaires from California to states like Florida and Texas, the state’s “purchasing power is declining, and (luxury home) prices are beginning to plummet.”
This is a gated estate with an exclusive road to Benedict Canyon. The mansion features a reception area, bar, spacious living room, executive office, and separate guest rooms. The master suite has dual bathrooms, a dedicated staff quarters that can accommodate three staff members and two full-time security personnel.
Rabinowitz told The Washington Post that the house has arched ceilings and includes a family theater that can accommodate 40 people; a health center with commercial-grade fitness equipment, hot and cold plunge pools, a hyperbaric oxygen chamber, and a hydration chamber; a spa suite with a double massage bed, and a wine cellar that can hold at least 700 bottles of wine.
Outside, there is a swimming pool with a separate lounge area, a tennis court with an air-conditioned viewing area, a garage and carport that can park 26 cars, and meticulously trimmed large green spaces.
The most discussed “Wealth Tax” in California recently is the “2026 Billionaire Tax Act,” part of the Proposition 40 to be voted on in the November 2026 election.
The vote will determine whether residents with a net worth over $1 billion will be subject to a one-time 5% tax, along with other escalating taxes, leading to numerous billionaires fleeing.
The total assets of the billionaires who have already left California amount to nearly $800 billion.
Wynn has long been a resident of Palm Beach, Florida. The direct impact of the billionaire wealth tax on him remains unknown, but his choice to clear his only property in California also reflects the trend of affluent Californians collectively fleeing.