Their Real Estate Profits May Be Gone Baby Gone.
Ben Affleck and Jennifer Lopez could lose $25 million on the sale of their Beverly Hills mansion, which is on the market for $68 million, because it’s overpriced, in a bad location and too big, at least one person has said. real estate expert.
“That house is actually worth between $40 and $50 million,” a West Coast real estate investor told NewsNation’s Paula Froelich.
“It’s in a terrible place. Wallingford Estates is a gated community without guards. Most of the homes in the area are from the 1970s and are worth between $5 million and $10 million. This is just a big white elephant. It’s beautiful, very big and old with facilities that are just silly and unnecessary (like an indoor sports complex).
The couple bought the 12-bedroom, 24-bathroom, 5-acre mansion in 2023 for just over $60.8 million and put it on the market in July, before Lopez filed for divorce.
The insider told Froelich that the home, which has been on the market for nearly two months, according to its Zillow listing, isn’t aesthetically pleasing — and took a while to sell when it was new.
“The house is ugly. It was built in 2001 by a mediocre developer with bad taste in architecture … it’s a mix of styles with a fake French roof,” the source said.
When it was built, it sat on the market for years and was listed at $100 million, so maybe [Affleck and Lopez] thought they reached a deal to buy it for $61 million. But remember, they also invested millions to renovate it to their tastes.”
The luxury mansion — which boasts a 12-car garage, boxing ring and pickleball court — also comes with an astronomical tax bill.
“Property taxes alone on that house are $762,000 a year — and another $750,000 to insure and maintain it. So whoever buys it, they’re at least $1.5 million a year just to keep the lights on,” the insider continued.
The ex-spouses will also lose at least 10% of the proceeds from the sale of the home – which they will have to split – due to a California estate tax and realtor fees.
“It’s just a big, flawed diamond,” the source continued.
“People with that kind of money would rather spend $10 million on a perfect (smaller) diamond than drop $5 million on a large diamond with obvious flaws.”
The Post reached out to representatives for Affleck and Lopez.
#Exclusive #Ben #Affleck #Jennifer #Lopez #lose #million #mansion #sale #highprofile #divorce #expert
Image Source : nypost.com