Lifestyle Home Brad Pitt Has Sold His L.A. Home of Nearly 30 Years After Listing it for $40 Million The star shared the property with his ex-wife Angelina Jolie and their six children before the couple split in 2016 By Mackenzie Schmidt Mackenzie Schmidt Mackenzie Schmidt is the Home and Travel Editor for PEOPLE. She's worked at PEOPLE for over five years as a writer and editor on the Lifestyle team. People Editorial Guidelines Published on March 29, 2023 05:37PM EDT Photo: Stephane Cardinale - Corbis/Corbis via Getty Brad Pitt is officially saying farewell to his Los Angeles home. The Babylon star, 59, has found a buyer for the sprawling estate he's owned for nearly 30 years in the neighborhood of Los Feliz. A real-estate source previously confirmed to PEOPLE that he was trying to unload the expansive property for about $40 million in January. Pitt first called the space home after buying the original mansion from Elvira, Mistress of the Dark star Cassandra Peterson in 1994 for a reported $1.7 million. Since then, the Academy Award winner has purchased multiple lots adjacent to the original home and filled them with a swimming pool, tennis court and skating rink. According to the source, Pitt decided to sell the 1.9-acre property because he's "looking for something smaller" in the L.A. area. BACKGRID The home is where Pitt and his ex-wife Angelina Jolie, 47, raised their six children — Maddox, 21, Pax, 19, Zahara, 18, Shiloh, 16, and 14-year-old twins Knox and Vivienne. The couple split in 2016. Brad Pitt Quietly Lists Longtime L.A. Compound for $40 Million: Source Brad Pitt and Angelina Jolie in 2012. Dimitrios Kambouris/WireImage Following their split and since being ruled legally single in 2019, the former couple have been in ongoing negotiations regarding the custody of their children and the divvying of their financial assets, including another impressive property: their Château Miraval estate in the South of France. The sprawling property sits on 1,200 acres along an ancient Roman road in Correns, France, and contains multiple structures from the 17th century. It served as a family retreat for the former couple and their kids, as well as hosting their wedding in 2014. Although they didn't officially purchase the home until 2012 (for an estimated $60 million), the couple signed a long-term lease on the property in 2008. MICHEL GANGNE/AFP via Getty From Longtime to Listed! See Inside the Homes Stars Are Selling After Living There for Many Years In the midst of ongoing legal troubles with Jolie, Pitt has sparked a new romance with jewelry designer Ines de Ramon, 32. Most recently, the pair reportedly enjoyed a date night in Paris after the 2023 César Awards on February 24. Brad Pitt; Ines de Ramon. The Chosunilbo JNS/Imazins/Getty; Dave Allocca/Starpix/Shutterstock Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. The two were first publicly linked in November 2022, when they had been dating for a "few months" according to a source.