Jennifer Lopez and Ben Affleck have purchased a home in the Pacific Palisades listed at $64 million—and it has netted the previous owner nearly $50 million in profit.
The couple wanted to get it right when choosing a forever home, so in February, even though they were in escrow for a $34.5 million home in the exclusive Pacific Palisades area, they cut and ran at the last minute, according to TMZ.
Maybe the right house just hadn’t come along yet…But it didn’t take long for another stunning estate that’s also in the Pacific Palisades to come along. Enter the home of Gregory Milken and his wife, EJ—members of one of the wealthiest families in the city. Milken is a managing director at March Capital Partners, in the role of an investor in the gaming space. Just like Ben and Jen, the Milkens have five children.
Over the years, Gregory Milken has either done some serious improvements to the house or he just knows how to turn a profit: His family has lived in the property for nearly 15 years, buying it in 2009 for $14.5 million. Selling it at $64 mil is quite the flip.
He comes from strong financial stock: His father is Michael Milken, a powerful figure in the 80s finance world who gained a reputation for his development of high-yield bonds, earning him the nickname “the king of junk bonds.” His net worth was estimated at $6 billion in 2022, making him the 412th richest person in the world, according to Forbes magazine.
Miilken the elder and his wife, Lori, have signed the Giving Pledge, a promise to give away most of his wealth in his lifetime. What’s more, the house is technically owned by him. Mansion Global discovered the property is owned by an LLC, with any documents regarding the house sent to the Milken Family Foundation, according to records from PropertyShark. It was Michael Milken who co-founded the foundation.
Let’s take a tour of the estate, starting at the front door: The gated is just over one acre of land. The main Cape Cod-style house is 13,000 square feet, with 6 bedrooms and 10 bathrooms.
Inside, there are his and hers wood-paneled studies, a comfy movie room, a reading room, and playrooms for the kids. A chef’s kitchen features a large eat-in island and brass fixtures.
For the adults, there’s a dressing room and an enormous walk-in closet.
Meanwhile, over at the 3,000-square-foot guesthouse, those visiting overnight can enjoy two bedrooms and four bathrooms. There’s a Japanese-style soaking tub, and for workout junkie Lopez, there’s an 800-square-foot gym on the lower level. On a lush green lawn, is a swimming pool, a spa and a fire pit, according to Dirt.
Perhaps what makes the property a true gem is what lies outside its walls as well as within. It’s said to have the most tremendous canyon-side views of any estate on the West Side. For sparkly city lights, one can see from downtown L.A. and all the way to Santa Monica. As for water, the ocean views are seemingly endless.
Fred Bernstein of the Westside Estate Agency holds the listing.
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