BENEDICT CANYON—Billionaire hotel and casino tycoon Steve Wynn just purchased a Benedict Canyon mansion with the price tag of $47.9 million.

Wynn made the purchase from Guess co-founder Maurice Marciano, who has owned the property since 1987.

The sprawling estate sits at 1210 Benedict Canyon Drive in Beverly Hills, less than a mile from Sunset Boulevard. It is valued higher than other properties along the prestigious stretch of road, which currently average in value of $6 to $7 million. Wynn’s new property spans 2.69 acres and 19299 sq. ft. of land.

Wynn purchased the nearly $50M estate from Guess co-founder Maurice Marciano.
Wynn purchased the nearly $50M estate from Guess co-founder Maurice Marciano.

According to listing details on Zillow, the single-story house was built in 1994 and remodeled in 1997. It has eight bedrooms and 13 bathrooms, while its backyard features a pool and spa, a number of patios and a motor court.

Wynn listed his other Bel Air residence on the market last week after owning it for only eight months. That property, located at 565 Perugia Way and sitting adjacent to the Bel Air Country Club, was listed at $17.45 million.

The billionaire purchased the property back in November 2014 for $16.25 million, a price increase of over 500 percent from when it was last purchased in 1988 for only $2.875 million. The house has not yet sold.

Wynn is the creator of several prominent resorts along the Las Vegas Strip including the Mirage, the Bellagio and the Wynn Resorts in Las Vegas and Macau, China. His net worth is currently valued at $2.6 billion.

The 73-year-old recently made headlines after being announced as the new unofficial campaign adviser to GOP presidential hopeful Donald Trump.

Though Wynn is a supporter of the Democratic Party, the New Haven native has demonstrated political inclinations toward both the Republican and Democratic parties. In 2013, Wynn donated to $200,000 to the Republican Governors’ Association.

Wynn joins Trump’s team as the current front-runner for the GOP nomination prepares to participate in the second Republican party debate on September 16.