The Sideshow

Casino mogul Steve Wynn pays $28 million for Popeye statue

The Sideshow

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Popeye by Jeff Koons and Six Self-Portraits by Andy Warhol are displayed at Sotheby's in New York on May 2, 2014. …

Ask the average person what he or she would do with $28 million, and we're guessing that buying a 2,000-pound statue of Popeye the Sailor Man would be near the bottom of the list.

Not so for casino mogul and billionaire Steve Wynn. The Las Vegas tycoon recently dropped $28 million for a larger-than-life statue designed by legendary artist Jeff Koons, the Wall Street Journal reports.

The piece had been expected to draw around $25 million during the Sotheby's auction in New York, according to Art Daily.  When will people learn to stop underestimating Popeye?

The idea of spending so much on a statue of the spinach-chomping, Bluto-stomping cartoon character may sound ridiculous, but the piece of art may prove to be a wise investment on Wynn's part.

Koons only created three of the Popeye statues. Another of his works, Balloon Dog, was auctioned for a staggering $58 million last year, making it the most expensive piece of art sold by a living artist, CNBC reports.

In a 2012 interview with Stephen Colbert, Koons said he likes the way art makes him feel. Colbert joked back that it makes Koons feel rich. Clearly, he's not a starving artist.

Wynn reportedly plans to display the glossy statue — complete with spinach, bulging muscles, and pipe — in his Las Vegas casino-hotel. Assuming, that is, that he doesn't put an elbow through it first.

Follow Mike Krumboltz on Twitter (@mikekrumboltz)

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