Jennifer Lopez and Alex Rodriguez are reportedly selling their Malibu home, less than two years after buying it. But why are they unloading it so soon?
According to TMZ, the power couple bought the Malibu home for $6.6 million back in 2019. Jennifer described the house as a "fix-upper," prompting her to enlist Joanna Gaines for some home makeover. The house was built in 1949 on a 50-feet sandy beach.
Now, the property is on the market for $7.99 million, just 18 months after buying it from Jeremy Piven. However, many can't help but wonder about the sudden decision to unload the beachfront property. According to Realtor.com, people suspect that the pandemic has something to do with it.
Lopez and Rodriguez's Malibu property
The 2,424-square-foot beachfront home boasts of terraces and walls of glass. Not much detail has been provided regarding the redesign of the home. Photos on the listing only show the exterior of the house. The home, however, consists of 5 bedrooms and 4.5 bathrooms.
Industry experts are speculating the power couple decided to unload the property due to the coronavirus pandemic. The property is situated near neighboring properties where other beachgoers would have direct beach access too.
That setup, a real estate expert said, does not go well with social distancing. Waterfront bookings soared, and people started flooding the beach since the lockdown measures were eased. Hence, it would not be safe being on a crowded beach.
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Why Lopez and Rodriguez are unloading
The couple is also reported to be trying to buy Mets, along with other investors. The group was reported to have already made an initial bid of $1.7 billion. That may have prompted Lopez and Rodriguez to free up some cash. It may also be a strategy to keep them afloat in case the recession lingers longer than expected, the report noted.
Unloading the property will allow them to earn a nice profit and free up some cash. That makes them ready to snap up properties in case the property market plummets next year.
Another expert said that the couple might be taking advantage of the pandemic. Beachfront properties are hot right now because many are forced to stay at home. Alex Rodriguez and Jennifer Lopez had a good deal with the property. And they probably want to cash in on the opportunity.
The Malibu property may be less special to the power couple than their other properties. However, the couple is reported to own still a mansion in Bel Air worth $28 million. There is also a compound in Coral Gables, Florida, and another mansion in the Hamptons.
Experts say that Lopez and Rodriguez have been involved in many real estate transactions. Therefore, it is likely that their move to unloading properties is more of a business decision.
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