Jimmy Iovine may have purchased a $60M Malibu Mansion

Courtesy of: Madeline Stone of Business Insider

Beats co-founder Jimmy Iovine may be in the process of making a serious real estate upgrade. According to Variety, Iovine has quietly purchased the Malibu home of television producer Marcy Carsey in a secret, off-market deal.

The rumored purchase price is $60 million. Carsey bought the home from Richard Gere for $10 million in 1995. The home is made up of two parcels totalling four acres of land.

In addition to the main house, which is perched on top of a bluff near Paradise Cove, there’s also a small beach hut and a recently renovated lagoon-style pool.

Iovine currently lives in a 15,000-square-foot mansion in Los Angeles’ Holmby Hills neighborhood. He purchased the home for $7 million in 1998, according to Variety.