Katy Perry and Orlando Bloom Buy $14 Million Montecito Home

Around two months after welcoming daughter Daisy Dove, Katy Perry and Orlando Bloom have purchased a home in Montecito, California for about $14 million, a real estate source told PEOPLE. The couple bought a 7,167-square-foot home that features six bedrooms, 12 bathrooms and sits on 8.9 acres.

The property was initially listed for $16.25 million, and the pair purchased it for $14.2 million. "Katy grew up in Santa Barbara and always loved it there," a source said. "Orlando has come to love it as well. He always enjoyed Malibu, but finds Montecito even better since it's much more private."

"They agree that raising their little girl in Montecito will be amazing," the source continued. "They were looking for a house for a while before they put in an offer. They are very excited about their new house. It comes with a lot of history and a gorgeous ocean view."

Variety reports that the home, which was built in 1934 and designed by Edwards and Plunkett and later renovated by architect Lutah Maria Riggs, is a gated estate with ocean views. It was previously owned by C. Robert Kidder, the former CEO of Chrysler and Duracell, who originally listed the property for nearly $20 million in Spring 2019.

The compound consists of four separate but contiguous groupings of land, and the main house is a three-story Mediterranean villa with wide-plank hardwood floors and "soothingly neutral decor." In the living room, five sets of French doors open to a brick terrace, and three more French door sets in the adjoining den open onto a separate patio. An open kitchen feature stainless steel appliances, a butler's pantry, parquet wood floors and a wallpapered ceiling, opening into a breakfast room and dining area.

A partially subterranean lower level houses a private office and conference room, while the upstairs level holds the main house's four main bedrooms, including a large master suite with a fireplace and sitting area, private patio, dual bathrooms, large dressing room and separate walk-in closet.

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Outside, there's a detached four-car garage, a guesthouse with a full kitchen and bedroom suite, a swimming pool, pool house with two bedrooms and two full baths, a covered patio, a full-sized sports court, formal gardens and multiple fountains.

Amid their Montecito purchase, both Perry and Bloom are selling homes — Perry a Beverly Hills guesthouse with an $8 million price tag and Bloom a Beverly Hills home.