LeBron James is entering the first year of a new two-year contract with the Lakers. But even though he is staying in Los Angeles for the time being, he will have a new home in Beverly Hills.

James demolished the $37-million mansion that he bought in Beverly Hills so that he could build a new home in its place according to The Sun. James has acquired permits to build a home on the property.

He bought the mansion in September of 2020 while he and the Lakers were in the bubble at Walt Disney World in Orlando on the way to winning the NBA championship that season.

The home was built in the 1930s and originally belonged to the estate of Lee Phillip Bell, who along with her husband helped co-create “The Bold and the Beautiful” and “The Young and the Restless.” Among the home’s former owners include actor Charles Boyer as well as Howard Hughes. Actress Katharine Hepburn also rented the property.

He also owns two more homes worth more than $20 million, both of which are located in Brentwood.

James’ contract is for two years at just more than $99 million. However, the second year is a player option worth almost $51.5 million.