Live Nation CEO Michael Rapino and his wife Jolene Blalock have reportedly purchased an $11 million home in Malibu, according to the LA Times. The married couple reportedly got the house for less than the listed price of $11.995 million for the property that has 3,305 square feet of living space.

The waterfront property is said to feature an open floor plan with beamed ceilings and wall-to-wall windows overlooking the water. Sliding glass doors open to one of two seaside patios.

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The four-bedroom/ three-and-a-half bath home also has a detached guest house and a landscaped courtyard. A wooden deck stretches along the backside of the house and can be accessed from the lower-level lounge.

The couple’s new California home comes with brushed oak floors and custom gourmet kitchen with slate grey countertops. It also comes with a two car garage and gym.

The beachfront contemporary home was on the market for about three weeks before the couple closed on the deal according to the Multiple Listings Services.

The home was last sold three years ago for $7.7 million to American real estate business man Kurt Rappaport, CEO of Westside Estate Agency. As a real estate agent, Rappaport has worked with as David Geffen,  Adam Levine, Ellen DeGeneres, Ryan Seacrest, Tom Brady, and P Diddy.

In December, Rapino signed a five-year renewal to lead Live Nation CEO through 2022. The deal was valued at $9 million a year plus stock, according to an SEC filing.