(MENAFN- Live Mint) Once home to hollywood stars Ben Affleck and Jennifer Lopez, the Beverly Hills mansion, which has been deemed a 'huge white elephant,' is reportedly "overpriced, in a bad location and too big" to be sold at an asking price of $68 million.
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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.
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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.”
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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.
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