Tuesday, 31 May 2016
Last updated 3 days ago
Mar 26 2007 | 11:26am ET
Billionaire casino kingpin Steve Wynn has settled with his insurance company over his run in with a very expensive Pablo Picasso painting—one which he had agreed to sell to hedge fund honcho Steven Cohen.
Wynn settled the lawsuit he brought against Lloyd’s of London, which he claims neither paid him nor sent him a counter-offer. Terms of the settlement were not disclosed, and Wynn dropped his suit in Manhattan federal court.
While showing off “Le Reve” in his Las Vegas office in September, Wynn, who suffers from an eye disease that impairs his peripheral vision, put a silver-dollar-sized hole in the painting with his elbow shortly after agreeing to sell the masterpiece to Cohen for $139 million. The snafu was a costly one: Court documents say the restored painting is worth only $85 million.
There is no word on whether Cohen is still interested in a slightly-used Picasso.