Casino billionaire Steve Wynn has finally found a buyer for his sprawling Central Park penthouse, ending a four-year effort to sell one of Manhattan’s most recognizable luxury properties. According to Realtor.com and The Real Deal, the 10,875-square-foot duplex at 50 Central Park South went under contract in November 2026 with a last asking price of $70 million, the same amount Wynn paid for it in 2012.The sale does not yet have a disclosed final price or buyer, but it closes a long and unusual chapter for the property. Wynn first listed the penthouse for $90 million in 2022, then cut the price to $65 million, took it off the market, re-listed it at $70 million and finally found a buyer after another return to the market in June 2026.
A home above the Ritz
The duplex occupies the 30th and 31st floors of the Ritz-Carlton Residences at 50 Central Park South, a 36-story building that was originally the Hotel St. Moritz when it opened in 1930. The top 12 floors contain private residences, while the lower portion remains home to the Ritz-Carlton hotel.The property was previously owned by real estate developer Christopher M. Jeffries, whose firm, Millennium Partners, purchased the Emery Roth-designed building in 1999 and reimagined it with the Ritz-Carlton Hotel Co. Jeffries was once married to Princess Yasmin Aga Khan, the daughter of Prince Aly Khan and Hollywood legend Rita Hayworth.Wynn bought the home from Jeffries in 2012 for $70 million. That purchase price is notable because it matches the last asking price in 2026, meaning Wynn appears unlikely to turn a profit on the sale.The building’s history gives the penthouse a pedigree that goes beyond its views. It combines the grandeur of a prewar hotel with the privacy and services of a modern luxury condominium, a combination that appeals to a narrow but wealthy group of buyers.
Why the penthouse stands out
The home has three bedrooms, four full bathrooms and two half-bathrooms, along with a library, staff room, laundry, gym and massage room. Its most striking feature is its relationship to Central Park, which is visible from nearly every major room.The 45-foot-long terrace faces the park and offers what the listing describes as a bird’s-eye perspective, making it feel as though the viewer is sitting among the trees. A second terrace along the western wall stretches 28 feet, adding more outdoor space to an already expansive layout.Inside, the home retains much of its prewar character. It has 10 grandly arched windows, a marble staircase, 15-foot coffered ceilings and a living room that once served as the St. Moritz ballroom.Modern upgrades include a chef’s kitchen, a breakfast room with its own terrace and a primary bedroom suite with park views, an en-suite bathroom, gym and dressing room. The combination of historic detail and contemporary comfort is part of what makes the property distinctive.
Why it took so long
Luxury broker Michael Reisor, who is familiar with the building, told Realtor.com that properties like this are wonderful but specific, with a limited buyer pool. At the $70 million level, buyers have many options, and a century-old building may not appeal to everyone.Reisor also noted that the penthouse has only three bedrooms, which can be a psychological sticking point for buyers who expect a home of this size and price to offer more rooms. Even if the extra bedrooms are not needed, he said, buyers often want the sense of abundance that comes with them.The asking price also played a role. Wynn initially sought $90 million in 2022, then reduced the price to $65 million in 2023 before taking the property off the market at the end of that year. He re-listed it at $70 million in 2024, removed it again in 2025, and returned it to the market in June 2026 at the same price.That sequence suggests the market was not willing to meet the earlier expectations. The eventual contract at $70 million represents a significant discount from the original $90 million ask, but it also reflects the reality that even exceptional properties can take time to find the right buyer.
A rare kind of property
One feature that may have helped the sale is the fact that the penthouse is a condominium rather than a co-op. Prewar buildings are often co-ops, which can involve board approvals and restrictions that complicate a purchase.A condo offers more flexibility, which can be especially important for international buyers or those who want a simpler transaction. That factor, combined with the building’s low density and Ritz-Carlton services, may have made the property more appealing to a high-profile buyer.The building has only 11 private residences, which adds to its exclusivity. Residents also have access to the hotel’s amenities, including the La Prairie spa and health club, a business center, the Contour Bar and Lounge, in-room dining and housekeeping services.Those services come at a cost. The unit carries $31,362 in monthly dues and $15,500 in taxes, figures that underscore the scale of ownership at this level.
A broader luxury market
The Wynn sale was part of a strong week for Manhattan luxury real estate. Realtor.com reports that 45 contracts were signed during the week ending November 8, an increase of 11 over the previous week and the biggest luxury sales week of the year.Of those contracts, 14 were priced above $10 million. The surge suggests that the high end of the market remains active, even as some properties continue to face pricing pressure.Reisor attributed part of the activity to the end of election-related uncertainty, saying that financial markets, including housing, often freeze up before elections. He also suggested that the outcome of the midterm elections may have encouraged international buyers who were waiting for clarity on policy.For Wynn, the sale may also bring a lighter tax bill. He was one of the plaintiffs in a lawsuit challenging New York’s pied-à-terre tax, which he said unfairly targeted non-residents. The Real Deal reported that Wynn received a nearly $200,000 assessment from the city in July.
A sale that closes a chapter
The penthouse’s journey shows how even the most impressive properties can face a long road to a sale. Wynn’s home had everything a luxury buyer might want, including park views, historic architecture, hotel services and a prestigious address, but it still took years to find a buyer.The final sale price has not been disclosed, but the contract at $70 million suggests that the market ultimately valued the property at the level Wynn paid in 2012. That outcome is unusual for a property of this caliber, but it also reflects the challenges of pricing a home that is both historic and highly specific.For the buyer, the penthouse offers a rare combination of space, views and service. For Wynn, it marks the end of a long effort to sell a property that has become one of the most talked-about listings in Manhattan.