Wynn sold Tahoe estate for $19 million

RENO -- Las Vegas casino owner Steve Wynn didn't exaggerate when he said he didn't lose any money on the sale of his Lake Tahoe estate.

Records filed with the Washoe County assessor's office show he was paid $19 million for the 12,661-square-foot home and 4.8 acres on the shores of Lake Tahoe.

The new owner is Ten-Four-One Realty Trust, which doesn't want any publicity.

"I can't tell you anything," the trust's lawyer, Paul Bible of Reno, said on Sunday when questioned about where the trust was located, whether it is a gaming company and who's involved.

When asked who might shed some light on the trust, Bible, a former chairman of the state Gaming Commission and brother of state Gaming Control Board Chairman Bill Bible, said, "Nobody will tell you anything."

Wynn, according to county records, purchased the Tahoe property in September 1993 for $6.5 million and then built a $3.5 million home which has 210 feet of beachfront.

The estate was last appraised by the assessor's office for $12.8 million for tax purposes. Wynn appealed and the Washoe County Board of Equalization lowered it to $12 million. Wynn contended its value was $11.4 million.

He then put it on the market for $25 million.

The sale on July 13 included furniture, artwork, stereos, a 1997 Subaru and a Zodiac boat, plus the adjacent guest house.

Wynn two weeks ago confirmed he had sold the estate but declined to say how much he received and to identify the new owner. He only said he didn't lose any money on the transaction.

Since then he has resigned as a member of the Tahoe Regional Planning Agency which oversees development at the lake on the Nevada-California border because he said he's busy with his new casino projects including the October opening of the Bellagio hotel-casino on the Las Vegas Strip.

archive