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Failed Sale of 230 Carat Wynn Diamond Leads to Lawsuit

By Rob Bates, Senior Editor
Posted on February 7, 2012
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Failed Sale of 230 Carat Wynn Diamond Leads to Lawsuit

A Los Angeles dealer is claiming a failed attempt to sell the Wynn Diamond, a 230 ct. pear-shape stone dubbed “the 12th largest diamond in the world,” damaged her reputation and cost her more than $1 million in commission.

According to the complaint, which was filed Feb. 1 in Los Angeles Superior Court, the Wynn—which carries an H VS1 grade and is set in a $1 million Cartier necklace—is currently owned by gaming magnate Steve Wynn. In 2011, Steve Wynn approached Diane Breitman, a Los Angeles diamond dealer who does business as the Queen of Diamonds, about selling the stone. That June, Breitman reportedly held a private auction for the stone at JCK Las Vegas.

At the show, Texas dealer Brett Stettner agreed to buy the stone for $23.5 million, putting up a 20 ct. diamond valued at $420,000 as collateral. At some point, the papers charge, Stettner tried to renegotiate the deal, and it fell through.

The papers also say, however, that Stettner still claimed ownership of the Wynn Diamond, and confusion over its ownership caused several other interested buyers to back away.

Eventually, the complaint continues, Steve Wynn decided to cancel the sales agreement with Breitman, which she claims cost her $1.4 million in commission and hurt her reputation in the industry. He also returned the 20 ct. diamond to Stettner. The loss of Breitman's longtime relationship with Wynn has been “personally devastating,” it adds.

Breitman is now suing Stettner for breach of contract, intentional interference with contractual relations, fraud, and several other charges. The suit seeks $1.8 million and unspecified additional damages.

Stettner tells JCK there was "misrepresentation" in the original agreement, and that Breitman offered the diamond to other people when trying to sell it to him.

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