Former Hollywood power couple Ben Affleck and Jennifer Lopez, by some strange coincidence, have finalized their divorce around the same time that Brad Pitt and Angelina Jolie have done the same. Following the terms of their mutually agreed-upon arrangement, they will split the proceeds from their tough-to-sell Los Angeles mansion right down the middle.
Much has been made of Affleck and Lopez’s mansion’s possible “white elephant” status as a large, handsome, and very difficult-to-sell piece of architectural dead weight, as some experts have described it. They purchased it about a year ago for $60.8 million and have been trying to find a buyer for nearly six months, almost as long as they’ve been separated, which court documents show has been since April of last year.
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Per the terms of their divorce, J-Lo and Affleck have agreed to “keep all of their personal belongings and earnings from the date of their separation as well as half their bank accounts,” while the proceeds from their hopefully soon sale of the mansion will be divided equally. Given the state of the market and the property’s own specific limitations, that may necessitate a drop in price, and it remains to be seen whether the couple will earn a profit on the home at all. Celebrity real estate agent Jason Oppenheim told Realtor.com last year that the property would likely not fetch its $68 million asking price when all was said and done, estimating it would go for somewhere between $58 million and $60 million. Of course, given the extremely short period the couple owned the home before attempting to sell it, breaking even compared to the $60.8 million they paid for the mansion wouldn’t be the worst imaginable outcome, particularly amid a divorce.
The mansion is particularly costly to maintain, with an estimated monthly bill of more than $280,000, factoring in property taxes, security expenses, estimated mortgage payments, and HOA fees. Then there’s the city of Los Angeles’s “mansion tax,” which comes to $3 million at the point of sale. So, breaking even might be easier said than done for the two.
Lopez is keeping all of her clothes and jewelry, as well as any “miscellaneous personal effects in her possession, custody or control,” and she’s not giving up any of her individual assets either. The same goes for Affleck, who will notably hold on to his stake in the Artists Equity production company he co-founded with Matt Damon.