Divorcing couple Jennifer Lopez and Ben Affleck put their massive Beverly Hills, California home up for sale earlier this summer. Some in the real estate world think the mansion is overpriced and ultimately may not bring “Bennifer” a windfall.
They listed the 12-bedroom property located in the Beverly Hills area at $68 million back in early July.
Last week, NewsNation reported an unnamed real estate source suggested its current price tag was too high and the mansion “is actually worth between $40 and $50 million.”
BEN AFFLECK, JENNIFER LOPEZ SELLING BEVERLY HILLS HOME FOR $68M AMID DIVORCE RUMORS
That and other factors could be playing into it remaining on the market since July, the outlet reported, citing the source.
“It’s in a terrible location. Wallingford Estates is a gated community with no guard. Most homes in the area are from the 1970s and are worth between $5-10 million … It’s garish, too big and dated with amenities that are just silly and not necessary,” the source told NewsNation.
The real estate source also criticized the 38,000-square-foot home’s architecture.
FOX Business spoke to Nathaniel Pitchon-Getzels, the founder of the Getzels Group at Compass, who similarly said Affleck and Lopez’s home was overpriced at $68 million.
“It is definitely too much for several reasons,” he said in an interview. “The property is probably worth closer to $50 million, somewhere probably between $50 and $55 million at the most, maybe a little less because it’s so dated.”
FOX Business reached out to representatives of Affleck and Lopez for comment.
He also said he thought the couple were “probably going to take a loss” on the property “between holding costs and paying commissions and the taxes that they’re going to have to pay on it” if it gets purchased at asking price, though he said he doubts they get that.
“It’s overpriced at the get-go, and then you look at it, and the design is kind of a mish-mosh design,” Pitchon-Getzels said. “It’s just like this combination of several different styles which make it worth less, and it’s not the kind of neighborhood that a $68 million buyer is tending to buy in.”
Such buyers often look for manned gated communities, he said.
Pitchon-Getzels also said the home has lots of “custom” and “specialized” features that are “great if you want that thing” but “just something else that has to be removed” for buyers if they don’t.
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He suggested it could take a “significant amount of time” for Affleck and Lopez to sell the house “without a price reduction unless they just get lucky.”
Santiago Arana, the agent with The Agency that holds the listing for the home, stood by the $68 million asking price, describing the “spectacular house” to FOX Business as “priced really well.”
He said he expects the 5-acre property to sell this year close to its current asking price. It has drawn a “good amount” of qualified buyers since hitting the market, according to Arana.
He described the house as “unique” and offering features not commonly found in other luxury homes and pushed back against criticisms about its architecture.
The owners have invested $3.5 million worth of improvements into the property, according to Arana.
One of its most notable amenities is an indoor sports complex with basketball courts, pickleball courts, a boxing ring and other features, according to its listing.
JENNIFER LOPEZ, BEN AFFLECK DIVORCE PUTS MILLIONS OF DOLLARS ON THE LINE
The property has a guardhouse on it, Arana noted. He also told FOX Business getting to the house requires going through three sets of gates.
It also has close and convenient proximity to the private airport, according to the listing agent.
The home’s appearance on the market in July came more than a month prior to news of Affleck and Lopez’s plans to end their marriage. Lopez filed the divorce paperwork last month.
The pair have been married since 2022.
