Former Vegas casino mogul tops list of celebrities who lost money in real estate this year
Former Las Vegas casino mogul Steve Wynn tops a recent study on celebrities who lost money in real estate so far in 2024.
Real estate agent Ryan Fitzgerald conducted a study to find out which celebrities have lost the most money in real estate in America, and Wynn topped the list. Six of the top 10 properties on the list are in California. Fitzgerald, a broker and owner with Raleigh Realty in North Carolina, looked at 20 celebrity real estate deals from the beginning of this year through June.
Wynn’s Beverly Hills mansion, which was first listed in the spring of 2021 for $125 million is now listed for $65 million, down a whopping $60 million.
The 11-bedroom, 27,150-square-foot mansion which is situated on a 2.7-acre property has a pool, a wine cellar, a resort-sized gym and a massage room. The mansion is situated on a private road within the exclusive North of Sunset location.
This beat celebrity homes that also had substantial price cuts including Rupert Murdoch’s apartment in Manhattan, New York, which was originally listed in 2022 for $62 million and is now on the market for $28.5 million, a $33.5 million drop. Coming in fourth was rapper Kanye West’s house in Malibu, California, which first went on the market in December 2023 for $53 million and is now listed for $39 million, a $14 million price drop.
Las Vegas resident and former MLB slugger Jose Canseco made the list at 19 as he has cut $100,000 off the sale of his property to $1.6 million.
Fitzgerald said the real estate market is pinching everyone right now due to a number of factors, including high interest and mortgage rates and famous people are no different.
“Celebrities like Steve Wynn, Rupert Murdoch, and Kanye West are not immune to these market dynamics. Their substantial price cuts reflect broader market trends and provide insights into how the luxury segment is adapting,” he said.
Wynn isn’t the only celebrity with a Las Vegas connection who has been stung by the real estate market recently.
Former Raiders coach Josh McDaniels recently sold his Anthem Country Club home for $4.8 million after paying $4.95 million for it two years ago. The one-story, Santa Barbara-style home in Henderson is 6,705 square feet with four bedrooms, six baths, an office and three-car garage.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com