Wynn villas

Mar 30, 2010 7:03 AM

There is no recession for some people, no worry about real estate equity being swept away by underwater mortgages.

The former Steve and Elaine Wynn may have dissolved their marriage, but neither has lost an appetite for first-class living at the Wynn-Encore resort complex where they resided before the breakup.

They may have agreed to walk away from their marriage but neither of them wandered very far. The comforts afforded by the lifestyle of the very wealthy can be habit forming, or at least convenient. Perhaps it is the appeal of all that room service.

Elaine Wynn has signed a $350,000 a year rental agreement for the lease of what is described in SEC documents as a "villa suite" as "Ms. Wynn’s personal residence." The SEC filing notes that "certain services" for the maintenance of the suite are included in the rental which was based on a third party appraisal.

Steve Wynn will be paying $503,831 a year, a price also determined by a third party appraisal for the lease of two "fairway villas" as his "personal residence." The rental value of the villas will be re-determined every two years and, yes, certain services for the maintenance of the villas are included in the rental.

At these prices they’re probably guaranteed easy access to fresh towels they want at any hour of the day.