Jennifer Lopez and Ben Affleck recently added another gem to their real estate portfolio - a luxurious mansion in Beverly Hills.
What's surprising, however, is their decision to secure a $20 million mortgage on the $60.85 million property, even after initially purchasing it outright.
The lovebirds closed the deal on the magnificent Beverly Hills mansion, christened 'Wallingford Estate', in May.
But come August end, they decided on the 30-year mortgage from JPMorgan Chase Bank. The U.S. Sun reported this transition, bringing to light that the home acquisition was done via a trust fund managed by their business managers, Gary Kress and Brian Murphy.
From a layperson's perspective, such a move might sound counterintuitive, but delve deeper into the world of luxury real estate and the strategy is clear.
Tony Mariotti, the CEO of LA-based RubyHome Luxury Real Estate, remarked on the couple's decision as "a smart financial move". He highlighted that such loans, secured against real property, have relatively lower interest rates and offer tax deductions on the interest.
"They can use the funds almost any way they want," Mariotti added, emphasizing the freedom such an arrangement provides.
This mortgage approach, he explains, isn't rare among the wealthy. It's more about astute financial decisions and leveraging assets smartly.
While the Wallingford Estate now commands their attention, the couple hasn't severed ties with their previous residences.
Jennifer's lavish Bel-Air abode, which she procured in 2016 for $28 million, is currently on the market for a cool $42.5 million. Notably, she'd added a $14 million mortgage to it mere months after its acquisition.
Their new nest, though, is an epitome of luxury. Initially listed in 2018 for $135 million, the price saw a significant drop to nearly half when relisted this year. Spread over five acres, this house boasts 12 bedrooms, 24 bathrooms, a 12-car garage, and parking for an impressive 80 vehicles.
The amenities are no less royal: a unique indoor sports complex replete with a gym, basketball and pickleball courts, and even a boxing ring.
But the plushness doesn't end there. A 5,000 square-foot guest penthouse, full hair and nail salon, home theatre, wine cellar, sauna, massage rooms, and an edgeless pool overlooking the expanse add to its grandeur.
The sale, significantly under the asking price, was facilitated by Brett Lawyer, a renowned realtor who's previously worked with the likes of Katy Perry and Madonna. The seller, in this transaction, was represented by Ginger Glass of Compass.
In the past, the couple's property hunt made headlines with them dropping out of escrow on multiple properties. Their quest for a perfect home spanned over a year, with numerous high-end property visits around LA.
While their house-hunting spree might have culminated, the duo's love story continues to blossom.
The two, lovingly dubbed "Bennifer" by fans, tied the knot in a grand ceremony outside of Savannah, Georgia in August 2022, shortly after their intimate Vegas wedding in July. Their blended family includes Ben's three children with ex-wife Jennifer Garner and Jennifer's twins with ex-husband Marc Anthony.