Ben Affleck and Jennifer Lopez's Beverly Hills Mansion Sale: A Potential $25 Million Loss
The real estate expert says the mansion is in a 'terrible location' and is 'overpriced, in a bad location and too big' to be sold at an asking price of $68 million.
Ben AffleckJennifer LopezBeverly Hills MansionReal EstateCelebrity NewsReal EstateSep 01, 2024
According to a West Coast real estate investor, the mansion is actually worth between $40 and $50 million, significantly lower than the asking price of $68 million. The expert cited the mansion's location in Wallingford Estates, a gated community with no guards, as a major drawback.
The star couple had purchased the sprawling 12-bedroom, 24-bathroom, 5-acre abode in 2023 for just over $60.8 million and put it on the market in July, even before Lopez filed for divorce. However, the mansion's size and amenities, including an indoor sports complex, have been described as 'garish, too big, and dated' by a realtor.
An insider told NewsNation that the house 'isn't aesthetically pleasing' and had taken a while to sell even when it was new. 'The house is ugly. It was built in 2001 by a mediocre developer with just bad taste in architecture … it's a mish-mosh of styles with a faux French roof,' they said.
The insider also highlighted that the property taxes on the house alone are $762,000 a year, and another $750,000 to insure and maintain it. 'So, whoever buys it, they're out at least $1.5 million per year just to keep the lights on,' they added.
To make matters worse, the former spouses will also lose at least 10% on the proceeds from the sale of the house — which they will have to split — due to a California mansion tax and realtor fees.
The potential loss on the sale of the mansion is a significant one, and it remains to be seen how much the couple will ultimately receive for the property. One thing is certain, however the mansion's sale will be closely watched by fans and real estate enthusiasts alike.
Frequently Asked Questions
How much did Ben Affleck and Jennifer Lopez buy the mansion for?
They bought the mansion for just over $60.8 million in 2023.
How much are they asking for the mansion?
They are asking for $68 million.
Why is the mansion considered a 'huge white elephant'?
The mansion is considered a 'huge white elephant' due to its location, size, and amenities, which are seen as 'garish, too big, and dated'.
How much are the property taxes on the house?
The property taxes on the house are $762,000 a year.
How much will the couple lose on the sale of the house due to taxes and fees?
They will lose at least 10% on the proceeds from the sale of the house — which they will have to split — due to a California mansion tax and realtor fees.
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