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Singer Jennifer Lopez and actor Ben Affleck. Photo from Lopez’s Instagram |
As reported by the Daily Mail, Lopez put the property–which boasts 12 bedrooms and 24 bathrooms–on the market on August 20, just before initiating divorce proceedings. The timing also marked the two-year anniversary of the couple exchanging vows at Affleck’s estate in Savannah, Georgia, on that same date in 2022.
The former couple originally purchased the estate in May 2023 for US$60.8 million and invested in several renovations to upgrade the property.
Jason Oppenheim, co-founder of real estate brokerage The Oppenheim Group and star of Netflix’s “Selling Sunset,” told real estate listings platform Realtor.com that the delay in selling the mansion is not a cause for alarm.
“It would have been surprising for the house to sell in less than 100 days,” Oppenheim stated, noting that luxury properties of this scale often remain on the market for six months or more.
Several factors contribute to the prolonged listing of properties like Lopez and Affleck’s, with a key reason being the limited number of buyers who can afford such a high price tag. Additionally, buyers in this segment tend to explore multiple properties and may wait for potential price reductions before committing, according to Realtor.com.
The ongoing maintenance costs, including estimated monthly expenses of US$283,666 for taxes, security, and homeowners association fees, may also deter potential buyers.
Moreover, the property faces tough competition from other luxury estates in Los Angeles. One competing property is Trousdale Estates’ home owned by sports equipment tycoon James Jannard, which has been listed for 25 days longer. Meanwhile, a US$65 million Beverly Hills estate, known as The Peak, has been on the market for over two years.
Another challenge is the property’s geographic location. Although it’s part of the affluent Beverly Hills Post Office area, it technically falls within Los Angeles city limits. This distinction subjects the property to a mansion tax exceeding US$3 million, a levy that has impacted high-end property sales since its introduction in 2023.
Oppenheim noted that sales of properties over US$5 million in Los Angeles have declined by more than 60% since the tax took effect, prompting some sellers to reconsider their options and some buyers to shift their attention to other cities like Beverly Hills, Newport Beach, or Malibu—or even out of California entirely.
The expert suggested that Lopez and Affleck might need to lower their expectations for the final sale price. Pointing to another Beverly Hills property that was initially listed at US$64 million but recently reduced to US$56.9 million, he estimated that the star ex-spouses’ mansion could eventually sell for around US$58-60 million, potentially leading to a multi-million-dollar loss for the former couple.
Lopez, 55, filed for divorce from Affleck, 52, following months of speculation about their relationship.
The ex-spouses originally dated between 2002 and 2004, got engaged in 2002, and planned a wedding for 2003. However, the wedding was postponed just four days before the ceremony due to “excessive media attention,” according to People magazine. The engagement was called off in January 2004.
The couple rekindled their relationship in 2021 and married at Las Vegas’ Little White Chapel in 2022. A month later, they held a second, more elaborate ceremony at Affleck’s estate, marking Lopez’s fourth and Affleck’s second marriage.
From: VnexPress
Real Estate News
