Jimmy Iovine Purchases Paradise Cove Palace

Jimmy Iovine

Music mogul and Interscope Records co-founder Jimmy Iovine recently purchased a massive Malibu property near Paradise Cove, formerly owned by television producer Marcy Carsey of The Carsey-Werner Company.

The off-market deal closed for an estimated $60 million, the Los Angeles Times reported.

Previous records list the home on 4 acres of land. Four separate structures are listed on the estate, including two cottages, a guest house and a three bedroom, 2,500 square-foot main residence that overlooks 90 feet of private beach access.

In addition, the extensive plot includes a swimming pool and tennis court.

The property was built in 1954 and was previously owned by Richard Gere.