updated 12/17/2011 AT 11:00 AM ET
•originally published 12/17/2011 AT 2:15 PM ET
It is official: Ellen DeGeneres is the proud owner of a new home. The former home of a very A-list actor.
Transactions were completed Friday to finalize the purchase of Brad Pitt’s Malibu manse for $12 million, PEOPLE has learned.
The property overlooks the Pacific Ocean, has private beach access, consists of two separate houses, a pool, a tennis court and lush gardens.
DeGeneres’s interest in the estate was first buzzed about around Thanksgiving, a month after she and wife Portia De Rossi put their Architectural Digest-featured home on the market for $49 million.
The couple will be downsizing a bit: From about 15,000-square feet of interior space to 4,000. Sounds cozy! – Gail Nussbaum