Although New Orleans-born Reese Witherspoon has moved on from her divorce to fellow actor Ryan Phillippe to get married once again, the two have just now concluded the sale of a Los Angeles investment property that they had purchased together when they were married. The details of the sale suggest that the two have worked together in an amicable way since their divorce was finalized in 2007.
A Profitable Sale
The jointly-owned property was a duplex featuring a total of four bedrooms, four baths and 2,664 square feet of living space. Recently, the former spouses accepted a purchase offer of $1,440,000 for the duplex, which was actually $45,000 over their asking price of $1,395,000. Although the Jan. 17 closing was almost seven years after the dissolution of their marriage, Witherspoon and Phillippe will share in a total profit of 266,500 from the sale of the investment real estate.
Losses In Other Deals
Ironically, the well-known actress did not fare so well when she sold her Ojai, California ranch which was actually the site of her marriage to current husband Jim Toth. She bought is for $5.8 million in 2008, and she sold it in 2012 for less than $5 million. Phillippe closed on the sale of a Zen-inspired Sunset Strip mansion in March 2013, and he reportedly lost $1.175 million in the deal.
The acting success that both Phillippe and Witherspoon have enjoyed possibly mutes potential concerns over real estate profits and losses. In 2013, Forbes magazine ranked Reese Witherspoon fourth on its list of "most highly paid" actresses. Meanwhile, Ryan Phillippe is schedule to star in an upcoming TV series in 2014.
It is not known whether this final division of assets from their seven-year marriage was timed to await a rebounding of real estate values, but it is easy to argue that they might not have realized such a sale price in 2008 or 2009.
For more information about asset division in divorce, or to discuss the particulars of your situation with a Baton Rouge divorce attorney, please contact us.