Kaylah Walton
The aftermath of the end of Ben Affleck and Jennifer Lopez’s second marriage involves a significant financial setback linked to their extravagant home.
The couple stands to lose close to $25 million as they struggle to sell their opulent property listed at $68 million, hindered by its inflated price, size, and unfavorable location.
Challenges of an overpriced mansion in the wrong neighborhood
The vast 38,000-square-foot mansion boasts 12 bedrooms, 24 bathrooms, and numerous extravagant features like a gym, boxing ring, and pickleball court. Despite its grandeur, real estate experts consider the property overpriced and in an unsuitable location.
An industry insider deems the place worth $40-50 million, labeling it a colossal misfit due to its outdated appearance and excessive amenities within the modestly valued residential area of Wallingford Estates.
Financial burdens of a costly and unattractive asset
Constructed in 2001 with inconsistent architectural styles and a faux French roof, the mansion sat on the market for years at $100 million before being acquired by Affleck and Lopez at $61 million.
The couple poured more money into renovations, inflating their expenses. The annual upkeep costs are a hefty sum, with property taxes totaling $762,000 and an additional $750,000 required for insurance and maintenance.
The maintenance expenses alone demand $1.5 million each year, adding strain to the already challenging sale process, which will involve significant deductions for various taxes and commissions.
If sold for $50 million, the couple will receive only $40 million as a return, showcasing the stark financial reality they face with this unattractive investment.
Potential buyers gravitate towards smaller, more manageable properties rather than shouldering the burdens of a mansion associated with visible flaws and substantial ongoing costs.
