"That house is actually worth between $40 and $50 million," a West Coast real estate investor told Paula Froelich of NewsNation. "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 to $10 million. This is just a huge white elephant. It's garish, too big and dated with amenities that are just silly and not necessary (like an indoor sports complex)."
"The house is ugly. It was built in 2001 by a mediocre developer with just bad taste in architecture ... it's a mish-mosh of styles with a faux French roof," the source said. When it was built, it sat on the market for years and was listed at $100 million, so maybe [Affleck and Lopez] thought they got a deal for buying it at $61 million. But remember, they also put millions into renovating it to their tastes."
"The property taxes alone on that house are $762,000 a year - and another $750,000 to insure it and maintain it. So, whoever buys it, they're out at least $1.5 million per year just to keep the lights on," the insider continued.
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