B
illionaire Steve Wynn has acquired a waterfront teardown in West Palm Beach for $12.9 million, marking his latest real estate investment in the area. The property at 2916 Washington Road was sold by Christopher K. Swindle, who had owned it since 1984 and listed it for $13 million last year. Jessica Julian of Douglas Elliman had the listing.

    Wynn's purchase comes over a year after he sold his Palm Beach mansion to coffee mogul Bob Stiller for $66 million. The billionaire co-founder of Wynn Resorts has been a longtime resident of Palm Beach, where he has made a habit of buying and selling homes. His net worth is estimated at $3.7 billion by Forbes.

    Wynn's latest purchase is a 2,000-square-foot home built in 1956 on half an acre with three bedrooms, two bathrooms, a pool, and dock. The property was previously rented out to Republican fundraisers Bill White and Bryan Eure. Wynn has been known for his residential investments, which some have described as a "house-flipping hobby" rather than a necessity.

    The luxury real estate market in West Palm Beach is experiencing a surge, driven by the pandemic boom in South Florida. Developers are working on thousands of luxury condos, and high-end buyers like David and Becky Gochman are downsizing from their island mansions to waterfront properties in the city.