Casino billionaire Steve Wynn has found a buyer for his luxury penthouse overlooking Central Park in New York City.
The former Wynn Resorts CEO purchased the property in 2012 for approximately $70 million.
In 2022, he listed the penthouse for $90 million. However, after several years without a buyer, the asking price dropped to $70 million.
The property has now entered into a sales contract, although the final purchase price has not been disclosed.
The Steve Wynn penthouse sale comes during an ongoing legal dispute over New York City’s new tax on luxury second homes.
Wynn is among several wealthy property owners challenging the tax in court.
Steve Wynn Penthouse Sale Moves Forward After Price Reduction
Steve Wynn’s Manhattan penthouse is located at 50 Central Park South, one of New York City’s most prestigious residential addresses.
The property occupies the 30th and 31st floors of the Ritz-Carlton Central Park building.
The two-level residence covers approximately 10,900 square feet.
Wynn purchased the property in 2012 for $70 million.
Ten years later, he placed it on the market with an asking price of $90 million.
However, the property did not attract a buyer at that price.
Over the following years, the penthouse was listed and removed from the market several times.
Eventually, the asking price dropped to $70 million.
Has Steve Wynn Officially Sold the Penthouse?
According to real estate reports published in November 2026, the penthouse has entered into a contract with a buyer.
However, the transaction has not been publicly confirmed as completed.
The buyer’s identity and final purchase price remain undisclosed.
Therefore, the $70 million figure represents the most recent asking price, not a confirmed sale price.
Inside Steve Wynn’s Luxury Central Park Penthouse
The penthouse is part of the Ritz-Carlton Central Park, a luxury hotel and residential building in Manhattan.
The property is situated along Billionaire’s Row, an area known for expensive apartments and luxury developments.
The building originally opened in 1930 as the Hotel St. Moritz.
Today, its upper floors contain exclusive private residences.
What Features Does the Penthouse Offer?
Wynn’s residence includes several luxury amenities:
- Three spacious bedrooms
- Six bathrooms
- Sweeping views of Central Park
- A large private terrace
- A private gym
- A massage room
- A home theater
The penthouse also features large windows that provide views of Central Park and Manhattan.
Its location offers convenient access to shopping, restaurants, hotels, and entertainment.
The combination of historic architecture and luxury facilities makes the property a distinctive residence in New York City’s high-end real estate market.
Why Is Steve Wynn Challenging New York City’s Luxury Home Tax?
The Steve Wynn penthouse sale comes amid a dispute over New York City’s new pied-à-terre tax.
A pied-à-terre is a secondary residence that an owner uses occasionally rather than as a primary home.
The new tax applies to certain high-value properties that are not used as primary residences.
Since leaving Wynn Resorts in 2018, Wynn has lived primarily in Florida.
As a result, his Manhattan penthouse may be subject to the additional tax.
How Does the Pied-à-Terre Tax Work?
The tax is designed to generate additional revenue from luxury second homes.
For the 2026–27 and 2027–28 property tax years, certain condominium and cooperative properties valued at $1 million or more by the New York City Department of Finance may be subject to the surcharge.
The rates depend on the property’s official valuation.
For qualifying condominiums and cooperative apartments, the rates range from 4% to 6.5%.
Properties used as qualifying primary residences are generally exempt.
The city plans to use a revised valuation system beginning in July 2028.
The changes could affect the amount some luxury property owners must pay.
Steve Wynn Faces Significant Property Expenses
Owning a luxury penthouse in Manhattan involves substantial ongoing expenses.
According to real estate reporting, Wynn’s property has monthly building fees of approximately $31,363.
These fees cover several services and facilities.
They include maintenance, concierge services, security, and access to hotel amenities.
The property is also subject to regular property taxes.
Reports indicate that annual property taxes have exceeded $194,000.
How Much Could the New Tax Cost Wynn?
Wynn has also received a substantial pied-à-terre surcharge notice.
According to reporting on his legal challenge, the notice was for approximately $183,095.
This amount is separate from regular property taxes and building maintenance fees.
Wynn and other property owners argue that the surcharge is unfair and legally questionable.
They claim that the tax places an additional burden on people who own expensive New York properties but live elsewhere.
However, New York officials defend the policy.
The city argues that owners of high-value second homes should contribute additional revenue to support public services.
The legal dispute has therefore become part of a wider debate about property taxes and housing affordability.
Steve Wynn’s Tax Lawsuit Remains Unresolved
Wynn joined former US Commerce Secretary Wilbur Ross and Ross’s wife in challenging the new property tax.
The plaintiffs argue that the surcharge unfairly targets property owners who do not live in New York City full-time.
They also question whether the tax complies with state and federal constitutional protections.
However, their lawsuit remains unresolved.
New York City Wins a Separate Tax Case
On November 4, 2026, a New York appeals court dismissed a separate lawsuit concerning the rollout of the pied-à-terre tax.
That case focused on how the city notified homeowners who might be required to pay the surcharge.
The court determined that the plaintiffs had not shown sufficient legal grounds to challenge the notices.
However, the ruling did not decide whether the underlying tax itself was constitutional.
Wynn’s separate lawsuit remains pending, with additional proceedings expected in December.
Therefore, the broader legal future of the tax remains uncertain.
The Ritz-Carlton Property Has a History With Donald Trump
The building that houses Wynn’s penthouse also has a connection to President Donald Trump.
Before becoming the Ritz-Carlton Central Park, the property operated as the Hotel St. Moritz.
Trump purchased the hotel in the 1980s for a reported $30 million.
The property was then a large Manhattan hotel with hundreds of guest rooms.
Trump later sold the hotel to Australian businessman Alan Bond.
Historical reporting places the transaction in 1989 and values it at approximately $180 million.
The building subsequently underwent major changes.
Today, it operates as the Ritz-Carlton Central Park, combining luxury hotel accommodations with private residences.
This history adds another connection between the property and two prominent figures associated with the casino industry.
What Happens Next for Steve Wynn’s Penthouse Sale?
The pending Steve Wynn penthouse sale marks an important development after years on the luxury real estate market.
The property originally carried a $90 million asking price before being reduced to $70 million.
It has now attracted a buyer, although the final transaction details remain private.
The sale also comes during an ongoing legal debate about New York City’s tax on luxury second homes.
However, there is no confirmed evidence that the tax dispute was the sole reason Wynn decided to sell.
For now, the property remains under contract, and Wynn’s separate legal challenge continues.
The final sale price and the outcome of the tax case will provide further details about the billionaire’s departure from his Central Park residence.
