This couple’s new estate overlooks the Pacific Ocean in Malibu

JAY-Z and Beyoncé have a new place to call home.

A source confirms to PEOPLE that the couple purchased a 40,000 sq. ft. mansion overlooking the Pacific Ocean in Malibu. The property had been listed for $295 million, but the source confirms the superstars only paid around $200 million for it, a discount of almost one-third the hefty price tag.

TMZ was first to report the news, which marks the highest home sale price in California history and the second most expensive sale in the U.S. — falling just short of the record set by a $238 million New York penthouse sold in 2019.

In October 2021, the previous record-holder for most expensive home in California sold for $177 million, followed by Amazon founder Jeff Bezos’ 2020 purchase of a $165 million house in Beverly Hills.

The couple’s new Malibu dream house, which has been described as an architectural work of art, reportedly took 15 years to build.

KEVIN MAZUR/GETTY

This is not the first time the Carters have dropped a pretty penny on real estate.

The pair paid $88 million — $47 million below the initial listing price — for a 30,000 sq. ft. Bel Air compound in August 2017 following a drawn-out search for the perfect Los Angeles pad, despite their $100 million budget.

Just a month later, the artists picked up a $26 million waterfront estate in the Hamptons — which, at the time, a source told PEOPLE was a “very good price” for the 12,000 sq. ft. home sitting on a 2.1-acre lot.

A rep for Beyoncé did not respond to PEOPLE’s request for comment.