The real reason why Jennifer Lopez and Ben Affleck’s $68M mansion hasn’t sold after 100 days on market
As someone who has been following the ups and downs of celebrity relationships for quite some time now, I must say that the news about Jennifer Lopez and Ben Affleck selling their house doesn’t come as a surprise. However, the potential losses they might face due to the mansion tax and other expenses is quite staggering. It seems like even the wealthiest among us aren’t immune to the complexities of real estate transactions!
100 days have passed since Jennifer Lopez and Ben Affleck put up their Los Angeles property, Crestview Manor, for sale at $68 million, just before they filed for divorce.
55-year-old Lopez and 52-year-old Affleck bought a grand estate with twelve bedrooms and twenty-four bathrooms for $60.8 million back in May 2023. They recently put the luxurious 38,000 sq. foot property back on the market this year, just before announcing their upcoming separation.
They’re asking for $68 million after overseeing a series of renovations on the 5.2-acre property.
On Monday, Jason Oppenheim from Selling Sunset stated to Realtor.com that there’s no cause for concern regarding the slow initial sales pace of Jennifer Lopez and Ben Affleck’s property.
It was quite unexpected that the house sold in under 100 days, as stated by a representative from The Oppenheim Group. Typically, houses of similar size remain listed for half a year or even longer periods.
The article pointed out several significant reasons why the former couple shouldn’t find the 100-day timeline concerning, explaining that the number of possible buyers is significantly reduced because of the substantial costs involved in the transaction.
Wealthier individuals often examine numerous properties and are patient for a possible price drop, as suggested by Realtor.com.
Additionally, it’s important to consider that the homeowner encounters approximately $283,666 per month in expenses related to taxes, security, and homeowners association fees.
This extraordinary property, complete with a spacious 5,000 square foot penthouse, a guardhouse boasting two bedrooms, a caretaker’s residence, and a garage capable of housing twelve cars, is also vying for attention among other luxurious homes in the wider Los Angeles region.
It was mentioned that there are other luxurious homes available for sale, such as the Trousdale Estates residence, which is presently owned by sports equipment tycoon James Jannard. This house has been listed for sale approximately 25 days longer than Lopez and Affleck’s property.
Additionally available at a similar price point, $65 million, is a property in Beverly Hills known as The Peak. This particular residence has been listed for sale for over two years.
A property located in Beverly Hills, reduced from its original asking price of $64 million in July to $56.9 million, boasts seven bedrooms, 15 bathrooms, and spans an area of approximately 17,000 square feet.
In my diligent pursuit of keeping up with real estate trends, I’ve discovered a strategy often employed within our field: occasionally withdrawing properties from the market, only to re-list them later. This technique aims to minimize the duration a home is shown as being on the market in promotional materials.
Oppenheim said that the exes should expect to take a financial hit when the home does sell.
The Netflix figure mentioned that the house is probably going for between $58 million and $60 million. This means they might end up losing a few million dollars from the sale’s final price.
According to Oppenheim, the particular position of the estate adds an extra complication to the situation that Lopez and Affleck are facing as they plan to proceed.
The house’s address falls within the Beverly Hills Post Office region, a part that is actually within the city limits of Los Angeles, not the separate city of Beverly Hills itself. Consequently, a property tax exceeding $3 million will be applicable due to its grand size (mansion).
He added: ‘They could lose more than an additional $5 million after commissions, taxes, etc.’
In simpler terms, according to Oppenheim, the expensive tax enacted in 2023 has significantly lowered luxury sales in Los Angeles, with sales above $5 million dropping by more than 60% ever since.
Following the aftermath, Oppenheim commented that a significant number of vendors opted out of selling their properties, while numerous buyers selected to buy homes in areas like Beverly Hills, Newport Beach, Malibu, or they decided to depart from California entirely.
The divorce application submitted by Lopez on August 20, 2024, followed a prolonged period during which there were widespread rumors about the state of the relationship between the renowned entertainer (singer-actress) and her partner (actor-director).
On August 20, 2022, which marked exactly two years since their wedding, Lopez submitted the necessary documents at Affleck’s property located outside Savannah, Georgia.
In 2021, news outlets reported on the revival of Lopez and Affleck’s relationship, a development that occurred almost seventeen years following the cancellation of their initial engagement and the postponement of their planned September 2003 wedding.
Back in April 2021, news broke out about the renowned singer and acclaimed film director supposedly rekindling their relationship following Jennifer Lopez’s split from ex-MLB player Alex Rodriguez.
Last July, the pair publicly acknowledged their relationship on Instagram and reappeared together on the red carpet at the 2021 Venice Film Festival. Later, on July 16, 2022, they got married at the Little White Chapel in Las Vegas by exchanging their vows.
‘In the end, our wedding turned out to be exactly what we had always envisioned,’ Lopez wrote in her July 17, 2022 newsletter. ‘A dream from years past that finally became a beautiful reality (in the eyes of the law, Las Vegas, a pink convertible and each other) at long last.’
On August 20, 2022, exactly two years since Lopez filed for divorce, the pair renewed their promises at Affleck’s property located outside Savannah, Georgia.
Jennifer Lopez is the mom of sixteen-year-old twins, Max and Emme, who she had during her marriage with Marc Anthony that took place between 2004 and 2014.
From 2005 to 2018, Affleck was married to Jennifer Garner, during which time they had three children together: Violet (now 18 years old), Fin (age 15), and Samuel (aged 12).
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2024-10-22 04:09