Hollywood stars Ben Affleck and Jennifer Lopez could lose $25 million in the sale of their Beverly Hills mansion, which has been deemed a 'huge white elephant'. According to reports, the mansion has been 'overpriced, in a bad location and too big' to be sold at an asking price of $68 million.
Ben Affleck and Jennifer Lopez could lose up to $25 million on the sale of their Beverly Hills mansion because it is "actually worth between $40 and $50 million,” a West Coast real estate investor told NewsNation.
The real estate expert said the mansion is in a "terrible location" — Wallingford Estates, adding that it is a gated community with no guards.
The star couple had bought the sprawling 12-bedroom, 24-bathroom, 5-acre abode in 2023 for just over $60.8 million, and in July, they put it on the market. This was even before Lopez filed for a divorce.
"Most homes in the area are from the 1970s and are worth between $5 to $10 million. This is just a huge white elephant. It’s garish, too big and dated with amenities that are just silly and not necessary (like an indoor sports complex),” the realtor told NewsNation.
NewsNation, quoting an insider, said the house, which has been on the market for nearly two months, "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 said when the estate was built, it sat on the market for years and was listed at $100 million. "So maybe [Affleck and Lopez] thought they got a deal for buying it at $61 million. But remember, they also put millions into renovating it to their tastes.”
The insider also highlighted that 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, they’re out at least $1.5 million per year just to keep the lights on.”
According to the New York Post, 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.
