After more than a month on the market, the Beverly Hills home that Jennifer Lopez and Ben Affleck now own, which is valued at $68 million, is still languishing on the market without being sold.
We contacted with a number of real estate sources in Los Angeles, and they informed us that there has been no action on the house. It would seem that even the drama of the couple’s recent divorce announcement is not enough to move things ahead.
Since the palace with 12 bedrooms and 24 bathrooms was made available to the public in July, there have been a lot of showings, according to our sources, but there are no real offers or negotiations in place at this time.
Due to the fact that it is difficult to sell a home so quickly after purchasing it at a much higher price, one real estate professional predicts that the property may remain on the market for some time. This is similar to the situation that is occurring with Jen and Ben’s home.
They purchased the home for little more than sixty million dollars the previous year and invested a significant amount of money in renovations; nevertheless, despite all of those improvements, we have been informed that it is difficult to justify why it is worth eight million dollars more now, much less than a year after they purchased it.
In addition, the pool of prospective purchasers who are able to afford a home that costs more than sixty million dollars is probably not very large.
As a result of the challenging market conditions and the high interest rates, another real estate agent said that it would be some time before any significant transactions take place.
J. Lo went directly to the Los Angeles County Superior Court to file for divorce, and our sources tell us that there was no prenuptial agreement in sight. TMZ was the first reporter to break the story.
Ben has recently purchased a brand new home in Brentwood that is valued at $20.5 million, thereby putting an end to the vacant house that the divorced couple had built.