Ben Affleck and Jennifer LopezThe former couple’s shared mansion in Beverly Hills could cost them $25 million. The two put their home, which cost $68 million, up for sale this summer amid rumors of a split. The mansion used to be the couple’s residence until the two put it up for sale, after which they split. divorce in August. However, a real estate expert revealed that Affleck and Lopez could lose a lot of money because of their price tag.
Affleck and Lopez could lose $25 million on their Beverly Hills mansion
The expert estimated the loss was because the home was overpriced, too big and in a bad location for someone to pay $68 million for. A West Coast real estate expert told Paula Froelich on NewNation: “That house is actually worth $40 to $50 million. It’s in a terrible location. Wallingford Estates is a gated community with no guard. Most of the homes in the area are from the 1970s and are worth $5 to $10 million.”
The expert continued: “This is simply a huge white elephant. It is garish, oversized and outdated, with amenities that are simply ridiculous and unnecessary (such as an indoor sports complex).”
The 12-bedroom, 24-bathroom mansion spread across 5 acres of land cost the former Hollywood couple $60.8 million in 2023 and they put it up for sale in July of this year. The source revealed to Froelich that the large mansion was never aesthetically pleasing and it took a while for them to sell the house when it was new. The home has been on the market for two months according to its listing on Zillow.
The source said: “The house is ugly. It was built in 2001 by a mediocre developer with poor architectural taste… it’s a mix of styles with a false French ceiling. When it was built, it was on the market for years and was listed for $100 million, so maybe [Affleck and Lopez] “They thought they had gotten a good deal by buying it for $61 million, but remember they also spent millions renovating it to their liking,” the New York Post reported.
Mansion with complimentary taxes
The sprawling mansion also comes with an astronomical amount of taxes. The source said, “The property taxes on that house alone are $762,000 a year, and another $750,000 to insure and maintain it. So whoever buys it is going to 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 proceeds from the sale of the house that the two will have to split due to California’s mansion tax and real estate agent fees.
As for the house, the source said: “It’s just a big, flawed diamond. People with that kind of money would rather spend $10 million on a (smaller) perfect diamond, rather than spend $5 million on a huge diamond with visible flaws.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.