PHOTO: Ben Affleck & Jennifer Lopez. CNN
Ben Affleck purchased a new $20.5 million home in Los Angeles amid his impending divorce from Jennifer Lopez. Despite his substantial net worth of $200 million, the actor took out a $10 million mortgage to finance the purchase, DailyMail.com reports.
Affleck, 51, bought the five-bedroom, five-bathroom home in Sullivan Canyon, located on the border of Brentwood and Pacific Palisades. The area is known for being equestrian-friendly and is home to actress Diane Keaton, whose nearby residence is now valued at $17 million.
Ben Affleck (pictured in LA in June) all but confirmed his marriage to Jennifer Lopez (pictured in New York last week) is over after buying a $20.5million home in the Pacific Palisades last week
Property documents obtained by DailyMail.com reveal the sale went through on July 24 – on the same day he secured a $10million mortgage for the five-bed, five-bath mansion
Property documents reveal that the sale was finalized on July 24, the same day Lopez celebrated her 55th birthday. This transaction included a $10 million loan secured from City National Bank, often referred to as the “bank to the stars.” The 30-year mortgage is scheduled to be paid off by August 1, 2054. The purchase and loan were managed through a trust established by Affleck’s long-time business manager, Gary Kress, on July 11.
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This marks Affleck’s second mortgage in the past year, as he and Lopez previously took out a $20 million loan from JP Morgan Chase Bank for their $60.85 million Bel Air mansion in September 2023. Affleck’s new mortgage includes an initial fixed rate of 6.6% for the first five years, resulting in a monthly payment of $140,000, including property tax, after which the rate will increase.
Affleck secured the 30-year mortgage from City National Bank – nicknamed the ‘bank to the stars’ – scheduled to be paid off by August 1, 2054
According to property records, the purchase and home loan were made via a trust that was set up by Affleck’s long-time business manager Gary Kress on July 11
Affleck purchased his new home in the Pacific Palisades on Wednesday, July 24, as his wife marked her 55th birthday without him
The new property, known as “Paradise Found,” sits on nearly two-thirds of an acre and features a main living area with a mix of stone and rustic hardwood floors, vaulted wood-beam ceilings, steel-framed windows, and a living room that doubles as a screening room. The estate also includes a detached guest house, horse stable, walking ring, tack room, cabana with a fireplace, and a swimming pool.
Jennifer and Ben are pictured in happier times in November
After failing to sell it off-market, the couple eventually listed their marital home publicly on the MLS system for a $68million on July 11
Affleck’s purchase from Australian-born movie producer David Calvert-Jones and his wife Karina highlights the actor’s move toward a new chapter in his life as rumors of a split from Lopez persist. The couple, who have not been seen together in months, have been living on separate coasts and recently marked their second wedding anniversary apart. Lopez finalized the sale of her four-bedroom New York City penthouse for $23 million on the same day Affleck secured his new home.
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The couple’s marital home in Bel Air was publicly listed for $68 million on July 11 after initial off-market attempts to sell it failed. This latest real estate move by Affleck indicates a significant step toward the end of his marriage to Lopez.
SOURCE: THE DAILY MAIL