Since announcing their divorce in June 2015, Ben Affleck and Jennifer Garner have been attempting to sell their family home in Pacific Palisades, CA. And at long last, they’ve found a buyer with similar star power: Maroon 5 frontman and “Voice” judge Adam Levine.
And it looks like the singer behind “Moves Like Jagger” got quite the deal: The five-bedroom, eight-bathroom house was listed for $45 million, but Levine got it for $32 million.
The deal was done privately, off the market, so no one has been able to use the multiple listing service to peep inside the home. But we do know that the 8,800-square-foot, ranch-style abode sits on more than 3 acres of land and was built in 1940 by architect Cliff May.
Levine will join a long list of famous tenants to inhabit the property: Gregory Peck took up residence in the late 1940s, and film producer Brian Grazer bought the home in 1992 (then sold it in 2009 to Affleck and Garner for $17.55 million).
Affleck and Garner renovated the home, transforming it into a lavish, resortlike property with a swimming pool, outdoor basketball court, four fireplaces, and state-of-the-art movie room.
The couple also built a two-bedroom, three-bathroom subterranean guesthouse just a stone’s throw from the main house. (Affleck famously holed up in the guesthouse after his split with Garner was first announced.)
With all these costly renovations, it’s no surprise that the home sold for a pretty penny. But still, we have to ask, how did Levine manage to get the abode for a whopping $13 million less than the asking price?
How did Adam Levine snag such a bargain?
While celebrity divorces are sad news for everyone involved, they’re good business for deep-pocketed buyers, like Levine. Many celebrities will immediately put their home on the market once they’ve extricated themselves from a marriage, but that doesn’t mean the property will actually sell fast.
“In an everyday divorce, it’s oftentimes urgent to sell fast to divide assets,” says Kim Howard, a Chicago-based broker with Howard Homes. “When high net worth individuals have expensive assets, oftentimes they are open to waiting longer for the right buyer since cashflow may not be as much as an issue.”
But the right buyer can be hard to find—particularly in the wake of a divorce. Buyers might be worried about the bad juju a high-publicity, emotional breakup could leave with the house, or about becoming a destination on a bus tour of movie star homes. All of this can lead to a major price cut or—in Levine’s case—a majorly lowball offer.
“At some point a seller has to realize that a home is only worth what a buyer is willing to pay,” says Kelly Parks, a broker with Paris Gibson Realty in Great Falls, MT.
Parks speculates that since they finalized their divorce in November 2018, Affleck and Garner accepted Levine’s offer to tie up the loose ends of their relationship.
“The fact that the divorce was finalized in November, the offer and sale [of the home] represented the final closure of probably the largest asset the couple shared.”
Hopefully, Levine and his family—he and his wife have two young daughters—will fill this home with more positive vibes.