Ben Affleck and Jennifer Lopez's second marriage may have ended, but the expensive mess they left behind is still making headlines.
This is especially true of their purchase of an exceedingly lavish home, which is rapidly turning into a financial disaster.
The couple are expected to lose at least $25 million when their massive estate eventually sells. Listed for $68 million, the property is struggling to attract buyers due to its inflated price, excessive size, and undesirable location.
An overpriced mansion in the wrong neighborhood
The 38,000-square-foot estate features 12 bedrooms, 24 bathrooms, a 12-car garage, a gym, a boxing ring, and even a pickleball court.
However, a West Coast real estate expert claims the house is overpriced and poorly located.
"That house is actually worth between $40-50 million," the insider said.
Wallingford Estates, where the mansion is located, is a gated community with no guard, surrounded by homes mostly valued between $5-10 million. The source called the property a "huge white elephant" - overly large, outdated, and filled with unnecessary amenities.
A costly and unattractive investment
Built in 2001 by a developer with questionable taste, the mansion is a mishmash of architectural styles with a faux French roof, according to the insider.
When first listed, it sat on the market for years at $100 million, so Affleck and Lopez may have believed they got a bargain at $61 million.
However, they also invested millions more into renovations, further inflating their costs.
Beyond the steep purchase price, maintaining the mansion comes with hefty expenses. Property taxes alone amount to $762,000 per year, with another $750,000 needed for insurance and upkeep.
Any buyer will need deep pockets, as the cost of merely maintaining the home reaches $1.5 million annually.
Despite its current challenges, the mansion will eventually sell, though it will require time and a more reasonable price.
Once it does, Affleck and Lopez will face further financial hits. They'll lose around 10 percent of the sale price to various taxes and fees, including California's mansion tax and realtor commissions.
If the home sells for $50 million, the couple would be left with just $40 million to split-far from the profit they may have anticipated.
Wealthy buyers would rather invest in something smaller and perfect than spend millions on a mansion with visible flaws and overwhelming maintenance costs.