High-net-worth individuals take many steps to ensure confidentiality during divorce. This is especially important for celebrities, politicians, and other public figures. Although these ultra-wealthy individuals have their own reasons for prioritizing privacy, average people can relate. After all, no one likes having their dirty laundry aired in public – especially when divorces involve allegations of misconduct. But despite various legal steps, real estate transactions often remain accessible to the public – providing a glimpse into divorces that are otherwise completely private.
Ben Affleck and Jennifer Lopez Sell Family Home, Sparking Divorce Rumors
Journalists watch the real estate transactions of celebrities extremely closely. These records are generally public, and reporters pounce whenever public figures make major moves in the housing market. Even if divorce mediations remain private, the sale of a new home may suggest that a marriage is about to end.
Such was the case when Ben Affleck and Jennifer Lopez reportedly sold their family home in Beverly Hills. The mansion reportedly cost the couple over $60 million in 2023, and it hit the market a year later for about $65 million. The residence spans 38,000 square feet, encompassing 12 bedrooms and 24 bathrooms. It also features a basketball court. Nestled on a 5-acre hillside plot, the home provides mountain views with a zero-edge pool.
When the home hit the market, numerous observers assumed that Affleck and Lopez’s relationship was effectively over. They had reportedly toured 80 different homes before finally choosing this property, a process that took years. To sell the home just one year after moving in seems unthinkable for a happily married couple.
Affleck and Lopez “Expected to Take a Loss” on the Property
At first glance, it might seem like the pair will enjoy a small profit on this real estate sale. After all, they purchased it for $60 million, and a listing price of $65 million would assumedly lead to a $5 million profit. Not bad for 12 months.
However, the couple is expected to take a loss when taxes and fees take their toll. California has recently passed a new tax on high-value properties, and this mansion certainly falls into that category. Broker fees can also be very high on properties that are this lucrative. Finally, the couple reportedly spent significant sums on improvements after moving in. One might argue that it makes zero financial sense to walk away from this property at this time – unless a divorce is in the cards.
Keeping Real Estate Sales Confidential During Divorce
Celebrities and high-net-worth individuals might find it challenging to keep real estate sales confidential during the divorce process. If the spouses are on the title, their names will inevitably appear in public real estate records during a sale. The only real way to avoid this is to purchase the property through a third party. For example, one spouse might purchase their home through an agent, LLC, or corporation.
Unfortunately, even these methods are not reliable. Reporters often identify corporations held by celebrities, and their agents also become well-known. As a result, this represents one of the few “gaps” in confidentiality for high-net-worth divorces.
About the author