Ben Affleck and Jennifer Garner have bought movie producer Brian Grazer's Los Angeles house for roughly $17.5m, according to two people familiar with the deal. That's about 40% less than Grazer's original asking price, $27.5m.

In the Pacific Palisades neighborhood, the cliffside residence has a 9,000-square-foot main house designed in the 1940s and views of the city and the Pacific Ocean. The interiors were designed by Michael S. Smith, who is decorating the Obama White House.

Wall Street Journal