Wynn said to be buying estate on Pacific Ocean

Friday, June 9, 2000 | 11:06 a.m.

Desert Inn hotel-casino buyer Steve Wynn may purchase a gated, 3-acre beachfront estate in Malibu, Calif., for $12.5 million, the Wall Street Journal reported today.

The newspaper cited people close to the deal and said Barry Diller, chairman and chief executive of USA Networks Inc., agreed to sell the property but no contract has been signed.

The estate is atop a steep cliff and has access to a private beach below. It's near homes owned by Barbra Streisand and entertainment mogul David Geffen.

Wynn, as chairman and chief executive of Mirage Resorts Inc., agreed to its sale to MGM Grand Inc. last month. He couldn't be reached for comment on the Wall Street Journal report.

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