Ben Affleck and Jennifer Lopez could be staring down a substantial financial loss as they attempt to sell their sprawling Beverly Hills mansion, currently listed for $68 million. Experts in the real estate field are raising red flags regarding the house, stating that the price is too high compared to the location and the house is too big to capture possible buyers' attention.
Last year, the couple acquired a 12-bedroom, 24-bathroom mansion, but a West Coast real estate investor told Paula Froelich of NewsNation that the pair may be losing $25 million. "That house is actually worth between $40 and $50 million," an insider said. "It's in a terrible location. Wallingford Estates is a gated community with no guard. 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 mansion sits on five acres of land and has been on the market for nearly two months. Despite its size and lavish features, including a 12-car garage, boxing ring, and pickleball court, the property's aesthetics and history are reportedly working against it. The source described the house as "ugly," built in 2001 by a developer with "bad taste in architecture," resulting in a "mish-mosh of styles with a faux French roof."
Worth Millions of Renovations for the 'Huge Diamond with Visible Flaws'
Affleck and Lopez, who invested millions into renovating the estate to suit their tastes, may have believed they secured a deal when purchasing the property for $60,805,000, especially given its previous listing at $100 million when it was first built. However, the property's hefty annual costs, amounting to $762,000 in property taxes and an additional $750,000 for insurance and maintenance, further complicate its appeal.
The insider pointed out that prospective buyers with the wealth required to purchase such a property might prefer a smaller, flawless residence over a "huge diamond with visible flaws." Additionally, the couple will face a 10% reduction in proceeds from the sale due to California's mansion tax and realtor fees, which they will have to split as part of their divorce proceedings.
When the house was listed in the market, it states that the 38,000-square-foot estate was "recently renovated with the highest level of quality within the last 4 months" and is "nestled in one of Beverly Hills's most exclusive and secure enclaves lies the magnificent Crestview Manor."
