Billionaire Las Vegas strip developer Steve Wynn sold his palatial Beverly Hills home known as Villa Lulu at 1210 Benedict Canyon Drive for $47.8 million.

That’s less than half the mansion’s $110 million listing price when Wynn put it on the market five years ago.

It’s unclear who the buyer is, although property records provide a few intriguing clues. An anonymous entity named Villa Lulu Trust is named in the deed signed July 10.

A loan document recorded July 27 states the trustor behind Villa Lulu Trust resides at 401 El Cerrito Ave. in Hillsborough. That’s another famous California address known as the “Western White House.” It’s a replica of the U.S. presidential residence built by George Hearst in 1930.

The Hillsborough home was previously owned by real estate investor Mehrdad Elie until he sold it in 2024 to an unknown buyer for $23 million.

Christie’s International Real Estate’s Leonard Rabinowitz, who arranged the Beverly Hills deal for Wynn, told the New York Post the buyer is “an American businessman.”

One house down, one more to go

Wynn paid $47.9 million to acquire the 2.7-acre lot in 2015 from Maurice Marciano, an art collector and co-founder of women’s apparel brand Guess Inc., according to property records.

Wynn hired architect William Hablinski to expand the home – originally completed in 1994 – to 27,000 square feet. He added a gym, spa and private IMAX theater with seating for 25 people, the listing stated.

Wynn, who currently lives in Palm Beach, is also trying to sell the 10,875-square-foot penthouse on top of the Ritz-Carlton at 50 Central Park South in New York. He listed the penthouse for $90 million in 2022, then removed it from the market. It was relisted by Sotheby’s International Realty this year for $70 million.