Shocking: Ben Affleck & Jennifer Lopez’s High-Profile Divorce Could Cost $25 Million Loss on Beverly Hills Dream Mansion
Once a glamorous abode for Hollywood stars Ben Affleck and Jennifer Lopez, a Beverly Hills mansion now faces trouble on the real estate market. Labelled a “huge white elephant,” this sprawling estate has been deemed “overpriced, in a bad location and too big” to sell at its $68 million asking price.
The 12-bedroom, 24-bathroom property, sitting on a 5-acre lot, was purchased by the couple in 2023 for just over $60.8 million. Despite its grandiosity, the property was put on the market in July, even before Lopez filed for divorce. Experts suggest that Affleck and Lopez stand to lose up to $25 million, as the mansion’s actual worth is estimated between $40 to $50 million.
A West Coast real estate investor informed NewsNation that the mansion suffers from a “terrible location” in Wallingford Estates, a gated community without guards. With most homes in the area valued between $5 to $10 million, the mansion stands out, but not in a favorable way. Dated amenities, like an unnecessary indoor sports complex, further diminish its appeal.
According to an insider, the house, built in 2001, has faced challenges from the beginning. Initially listed for $100 million, it languished on the market for years. Affleck and Lopez may have believed they got a bargain at $61 million, but they invested millions more into personalizing it.
The financial burden doesn’t stop at a potential loss in resale value. The property demands $762,000 annually in taxes and another $750,000 for insurance and maintenance, bringing yearly expenses to at least $1.5 million.
Adding to their woes, the former couple will forfeit at least 10% of the sale proceeds due to California’s mansion tax and realtor fees, which they’ll have to split. This unsuccessful real estate venture casts a shadow over their once-starry investment.
Original Story https://www.livemint.com/news/trends/highprofile-divorce-may-cost-ben-affleck-jennifer-lopez-25-million-on-beverly-hills-mansion-sale-11725180123637.html
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