The sprawling Beverly Hills estate that Jennifer Lopez and Ben Affleck owned remains unsold after 100 days on the market. Still, real estate experts say the extended listing period is business as usual for properties in the ultra-luxury segment.
“It would have been surprising if the house had sold in less than 100 days. Most homes of this size are on the market for six months and in many cases significantly longer,” Jason Oppenheim, co-founder of The Oppenheim Group, told Realtor.com.
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The former couple put the 38,000-square-foot mansion up for sale in July after their divorce for $68 million, just over a year after purchasing it for $60.8 million. They invested millions in renovations and created a 12-bedroom complex with a 5,000-square-foot guest penthouse, a caregiver’s home and parking for 80 vehicles.
Benzinga previously reported that monthly transportation costs alone are $283,666. This includes an estimated mortgage payment of $200,000, $39,666 in property taxes, and $28,333 for security and maintenance. Additional fees cover utilities, HOA fees, and maintenance of the property’s amenities, including an indoor sports complex with basketball and pickleball courts.
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Oppenheim expects the property will likely sell for $58 to $60 million, resulting in millions of dollars in losses for the sellers.
“The house is located in the Post Office area of Beverly Hills, technically in the city of Los Angeles, so the mansion tax applies,” Oppenheim told Broker. “They will have to pay a mansion tax of more than $3 million. So they could lose another $5 million plus after commissions, taxes, etc.”
The property’s agent, Santiago Arana of The Agency, maintains a more optimistic outlook, telling FOX News that the estate is “spectacular” and “very well priced.” Arana expects the property to sell for close to the asking price before the end of the year.
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