Ben Affleck and Jennifer Lopez’s shared mansion in Beverly Hills could cost the former couple $25 million. The two put their home up for sale this summer, which is priced at $68 million, amid rumors of their separation. The mansion used to be the couple’s home until the two listed it for sale and divorced in August. However, a real estate expert revealed that Affleck and Lopez could lose a lot of money due to its price tag
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Affleck and Lopez may lose $25 million on their Beverly Hills home
The expert estimated the loss to be because the home is overpriced, it’s too big and it’s located in a location where paying $68 million is unfeasible. “That house is really worth $40 to $50 million. It’s in a terrible location. Wallingford Estates is a gated community with no guards. Most of the homes in the area are from the 1970s and are worth between $5 and $10 million,” a West Coast real estate expert told Paula Froehlich at NewNation.
The expert further said, “It is a huge white elephant. It is gaudy, oversized and old, with facilities that are silly and unnecessary (such as the indoor sports complex).”
The 12 bedroom, 24 bathroom home spread across 5 acres of land cost the former Hollywood couple $60.8 million in 2023 and the house was listed on the market in July this year. The insider told Frolich that the large mansion was never aesthetically pleasing and when the house was new, it took a long time to sell. According to the Zillow listing, the house has been on the market for two months.
The source said, “The house is ugly. It was built in 2001 by a mediocre developer who just had bad taste in architecture… It’s a mix of styles with fake French ceilings. When it was built, it was on the market for years and was priced at $100 million, so maybe that’s why [Affleck and Lopez] He thought he got a deal buying it for $61 million, the New York Post reports. But remember, he also spent millions of dollars renovating it to his liking.
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Mansion with free taxes
The massive mansion also comes with a hefty tax attached. The source said, “The property taxes on that house alone are $762,000 a year – and another $750,000 to insure and maintain. So, whoever buys it will have to spend at least $1.5 million a year just to keep the lights on.” Affleck and Lopez will also lose 10% of the home sale proceeds, which they will have to split because of the California mansion tax and realtor fees.
“It’s just a big, flawed diamond,” the house’s source said. “People with that kind of money would rather spend $10 million on a (smaller) perfect diamond than spend $5 million on a big diamond with obvious flaws.”
