The sprawling Beverly Hills estate 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 ultraluxury segment.
“It would have been surprising for the house to sell in less than 100 days. Most homes of this magnitude are on the market for six months and in many cases significantly longer,” Jason Oppenheim, co-founder of The Oppenheim Group, said to Realtor.com.
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The former couple listed the 38,000-square-foot mansion for $68 million in July following their separation, just over a year after purchasing it for $60.8 million. They poured millions into renovations, creating a 12-bedroom compound with a 5,000-square-foot guest penthouse, caregiver house and parking for 80 vehicles.
Benzinga previously reported that the monthly carrying costs alone total $283,666. This includes an estimated $200,000 mortgage payment, $39,666 in property taxes and $28,333 for security and maintenance. Additional costs cover utilities, HOA fees and upkeep for the property’s amenities, which include an indoor sports complex with basketball and pickleball courts.
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Oppenheim projects the property will likely sell for $58-60 million, resulting in a multimillion dollar loss for the sellers.
“The house is located in the Beverly Hills Post Office area, which is technically in the city of Los Angeles, so the mansion tax applies,” Oppenheim said to Realtor. “They will have to pay a mansion tax of more than $3 million. So they could lose more than an additional $5 million after commissions, taxes, etc.”
The property’s listing agent, Santiago Arana of The Agency, maintains a more optimistic outlook, telling FOX News the estate is “spectacular” and “priced really well.” Arana expects the property to sell near its asking price before year-end.
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Both stars have moved on to new properties. According to the Realtor report, Affleck purchased a $20.5 million Pacific Palisades residence in July, while Lopez eyes a $55 million Beverly Hills estate. She also maintains a $32.5 million Miami Beach mansion purchased in 2020.
Current market comparisons support the property’s relative value. According to the report, a similarly priced $68 million brutalist-style mansion in Trousdale Estates offers just five bedrooms across 18,000 square feet. Another Beverly Hills listing originally priced at $64 million dropped to $56.9 million in July, offering seven bedrooms in 17,005 square feet.
The luxury market’s slowdown extends beyond the high-profile listing. Oppenheim reports that Los Angeles luxury sales above $5 million have dropped over 60% since the mansion tax took effect in 2023, pushing buyers toward Beverly Hills proper, Newport Beach, Malibu or out of California entirely.
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This article J. Lo And Ben Affleck’s $68M Estate: Expert Reveals Why It’s Been 100 Days Without A Buyer originally appeared on Benzinga.com
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