In recent years, West Palm Beach has experienced a remarkable transformation, driven by an influx of wealth spilling over from its neighbor to the east—Palm Beach. Historically known for its ultra-exclusive estates and elite residents, Palm Beach has long been a symbol of old-world luxury. But as more billionaires, real estate moguls, and high-net-worth individuals seek new opportunities and modern amenities, many are making the move across the Lake Worth Lagoon to the City of West Palm Beach. The latest individual leading the charge is billionaire casino magnate Steve Wynn, whose latest real estate purchase exemplifies this growing trend of wealth migration.
Steve Wynn’s $12.9 Million Waterfront Acquisition
On December 13, 2024, Steve Wynn, a casino billionaire, made headlines with his purchase of a $12.9 million waterfront property at 2916 Washington Road in West Palm Beach. According to sources, Wynn plans to demolish the existing 68-year-old house and build a more modern estate along the intracoastal. The location also provides a distant view of Mar-a-Lago, the iconic residence of President Donald Trump (which has been noted to play a factor in the latest real estate boom in Palm Beach and West Palm Beach – also known as the “Trump Bump”).
Wynn, who has bought and sold many times over in the Town of Palm Beach, has now made the jump across the intracoastal with this purchase of a property in West Palm Beach.
Why West Palm Beach?
So, why is wealth shifting from Palm Beach to West Palm Beach? Traditionally, Palm Beach has been the more established, historic choice for the super-wealthy, with sprawling estates, oceanfront mansions, and a highly curated lifestyle. However, West Palm Beach is increasingly becoming a hotspot for those who want the same luxury but with a more dynamic and modern twist. As Palm Beach continues to see soaring property prices and limited land available for new construction, West Palm Beach offers a more expansive canvas for high-end real estate development.
Wynn is just one example of the shift. The market in West Palm Beach is evolving from a “hidden gem” into a prominent destination for those looking for a change of pace from Palm Beach’s quieter, more traditional vibe. The allure of the downtown area, with its growing arts scene, fine dining options, and proximity to cultural and business hubs, is drawing more wealthy individuals who want to experience the best of both worlds: an exclusive residential address with easy access to vibrant city life.
A Record-Breaking Market
The surge in luxury real estate activity in West Palm Beach isn’t just anecdotal. New listings reflect the growing demand for high-end properties in the area. For instance, a newly built waterfront home at 3030 Washington Road, just five houses south of Wynn’s recent purchase, is on the market for $34.9 million. This figure represents a drop from the original 2023 asking price of $39.5 million, but the listing is still a record for West Palm Beach.
Conclusion: Continuing Growth
Steve Wynn’s $12.9 million purchase is just one example of the continuing and growing trend of wealth migrating across the Lake Worth Lagoon to West Palm Beach. As the area continues to develop into a vibrant hub of modern luxury and business opportunity, expect to see more affluent individuals following in Wynn’s footsteps. For West Palm Beach, this shift is more than just a real estate boom—it’s the beginning of a growing identity for the city.
