Steve Wynn’s $10 million price cut was a change to the asking price, not the eventual sale price. In March 2024, his Beverly Hills estate Villa Lulu was repriced from $75 million to $65 million. It later sold in July 2026 for a reported $47.75 million, according to SFGATE.
What happened after the 2024 price cut?
The March 2024 reduction came after several years of changing asking prices. Realtor.com reported that Wynn first publicly listed the property in January 2021 for $110 million, raised the asking price to $115 million about a month later, and increased it again to $125 million in April 2021. The home was then repriced to $75 million before the $10 million reduction brought it to $65 million in March 2024.
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That $65 million figure was not the final sale price. SFGATE reported that the estate went pending in early July 2026 at an asking price of $50 million and sold for $47.75 million. The Los Angeles Business Journal reported the sale at approximately $47.8 million, a rounded figure consistent with SFGATE’s more precise amount.
How Villa Lulu’s reported prices changed
| Stage | Reported price | What the figure represents |
|---|---|---|
| Off-market marketing | $135 million | An initial off-market asking figure reported by SFGATE in 2026; it was not the 2021 public listing price. |
| Public listing, 2021 | $110 million | The initial formal asking price reported by Realtor.com in 2024 and SFGATE in 2026. |
| Later 2021 asking prices | $115 million, then $125 million | Realtor.com reported the increases after the initial public listing. |
| March 2024 reduction | $75 million to $65 million | The $10 million asking-price cut reported by Realtor.com on March 18, 2024. |
| Pending, early July 2026 | $50 million | The asking price when the property went pending, according to SFGATE. |
| Reported sale, July 2026 | $47.75 million | SFGATE’s reported sale price; the Los Angeles Business Journal rounded it to about $47.8 million. |
The figures describe different stages of marketing and sale, rather than competing versions of one price. The $135 million amount was an off-market ask; $110 million was the first public asking price. The sale reports give $47.75 million and approximately $47.8 million, differing only in precision. The outlets report these amounts; the reports cited here do not independently establish the transaction through a deed or complete listing record.
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What is Villa Lulu?
Villa Lulu is at 1210 Benedict Canyon Drive in Beverly Hills, on a reported 2.7-acre property. Realtor.com described the home as 27,000 square feet, with 11 bedrooms and 13.5 bathrooms. SFGATE likewise reported 11 bedrooms and 27,000 square feet.
Published listing details and reporting describe a substantial collection of residential and leisure spaces. SFGATE reported a screening room, wine room, gym and spa, tennis court, pool and pool house; it attributed the claim that a generator can power the estate for more than a week to the listing. Realtor.com also listed an elevator, massage room, guesthouse with a full kitchen, staff bedrooms and kitchen, tennis pavilion, and outdoor kitchen. The Los Angeles Business Journal reported a private IMAX theater with seating for 25.
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The home was originally completed in 1994, according to the Los Angeles Business Journal. That outlet reported Wynn hired architect William Hablinski to expand it. Realtor.com separately reported that Wynn added about 8,000 square feet after buying the house; published accounts do not reconcile that figure with the broader descriptions of the expansion.
Who bought the estate?
The buyer was not named in the sale coverage cited here. The Los Angeles Business Journal described the buyer as an American businessman.
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What the listing agent said
Listing agent Leonard Rabinowitz of Christie’s International Real Estate told SFGATE, “We’re a little disappointed about the price.” He also said of Wynn, “This was disappointing, but he’s had other huge wins.”
Rabinowitz separately criticized California’s political climate and discussed a proposed billionaire tax in comments about luxury-home sales. Those were his views about the broader market; the reporting does not establish that the proposal caused Villa Lulu’s price reductions or sale outcome.
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