Well, that didn’t go as planned. After scooping up “Entourage” actor Jeremy Piven’s Malibu beach house almost two years ago for $6.6 million, the real estate obsessed and perennially youthful, Jennifer Lopez and fiancé Alex Rodriguez are selling — for the same price! Well, actually $6.775 million, according to the Wall Street Journal. Factoring in holding costs and realtor fees and it surely amounts to a loss, a rare pothole on their otherwise smooth ride to real estate icon-dom. So what happened?
Clearly the lovebirds didn’t set out to lose money. They demolished much of the interior, a source told the Journal, and even enlisted the help of home makeover maven Joanna Gaines for pointers on a new design, though that project apparently didn’t see fruition. So, with no work done, the insanely busy Lopez and Rodriguez optimistically listed the home for $8 million and two months later agreed to offload it for more than a million bucks under asking.
Here’s what we know about the property. It’s 4,400 square feet of prime Malibu beachfront real estate with five bedrooms and 4.5 bathrooms. Sliding glass doors open to beach views on all three levels. According to the original listing there’s a gated garden courtyard and an expansive deck with a hot tub and lower level entertainment area with a built-in bar.
Rather than hold out for bigger number or sink more cash in to renovate the home, J.Lo and A-Rod probably decided to cut their losses and sell. The speed of the sale reflects the demand for Malibu property in the wake of Covid-19.
The celeb couple have hit a few bumps in business of late. They were defeated in their bid to buy the New York Mets by billionaire hedge fund manager Steven A. Cohen. Still, they can console themselves at their new $32.5 million mansion on Miami’s Star Island or at any of the many other glittering residences they own on both coasts.
Carl Gambino of Compass handled both sides the deal.