After an unsuccessful attempt to sell one of New York City’s most exclusive homes for $90 million, billionaire casino mogul Steve Wynn is giving it another shot. His lavish duplex penthouse at the Ritz-Carlton Residences on Central Park South has returned to the market with a $70 million asking price, the exact amount he paid for the property in 2012, according to an exclusive report by the New York Post. The relisting comes after years of price adjustments and reflects changing conditions in the ultra-luxury real estate market.
A second chance at selling
Wynn first listed the Manhattan penthouse in late 2022 for $90 million, hoping to capitalise on demand for trophy properties in New York City. However, the home failed to find a buyer despite its prestigious location and unique history. The asking price was later reduced to $65 million before the listing was withdrawn in early 2024. It has now returned to the market for $70 million, suggesting Wynn is aiming to recover his original investment rather than make a profit.Located at 50 Central Park South, the duplex occupies the 30th and 31st floors of the Ritz-Carlton Residences and spans nearly 11,000 square feet. One of its standout features is the dramatic living room which once served as the grand ballroom of the historic Hotel St. Moritz before the building was converted into luxury residences. The space features soaring 15-foot ceilings, elegant architectural details and massive arched windows that offer panoramic views of Central Park and the Manhattan skyline.
The Ritz-Carlton New York, Central Park (Hotel St. Moritz) (Image Credit: Wikimedia Commons)
Inside the luxury penthouse
Although the penthouse has just three bedrooms, each has been designed on a grand scale. The primary suite overlooks Central Park and includes a marble bathroom, private gym, massage room and an expansive dressing room. Other major highlights include a library, media room, formal dining spaces, multiple terraces and a sweeping marble staircase connecting the two levels.Residents also enjoy the Ritz-Carlton’s luxury amenities, including concierge services, housekeeping, spa facilities and hotel-style hospitality. However owning the residence comes at a price, including high annual property taxes and common charges.
The Ritz-Carlton New York, Central Park (Image Credit: Wikimedia Commons)
What the relisting says about the market
The relisting reflects broader trends in New York’s ultra-luxury housing market where even high-profile properties owned by billionaires can remain unsold if buyers consider them overpriced. The Manhattan penthouse is also part of Wynn’s broader effort to sell some of his luxury real estate holdings. His Beverly Hills estate, Villa Lulu, recently went under contract after several years on the market and multiple price cuts. Whether the Central Park penthouse finally finds a buyer at $70 million remains to be seen, but its return to the market once again puts one of Manhattan’s most iconic luxury residences in the spotlight.
Beverly Hills Estate, Villa Lulu (Image Credit: Instagrm/ @taylor_inman11)
Beyond its luxury features and prime location, the listing highlights how even some of the world’s most expensive homes are not immune to changing market conditions. While trophy properties continue to attract wealthy buyers, pricing remains a key factor in closing deals. Whether Wynn’s iconic Central Park penthouse finally changes hands this time, the sale will be closely watched as another indicator of the state of New York City’s ultra-luxury real estate market.(Source: The information about casino mogul Steve Wynn’s relisted Ritz-Carlton penthouse is based on an exclusive report by the New York Post.)
