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