In 2008 the couple paid $11.75 million for the 3.6 acre plot of land. The property has views of the ocean, city, and surrounding canyons.
The lot was originally listed for sale at $12.9 million and included plans for an 11,500-square-foot Mediterranean style mansion prepared by award-winning architect Bing Hu.
The 22,000-square-foot home includes eight bedrooms, a six-car garage, swimming pool with spa, weight room, wine cellar, and butler's room.
Heidi Klum and Seal recently bought the estate directly across the street.
Last month the supermodel was named the most eco-friendly celebrity at the annual Green Awards in London. She has been involved in several environmental campaigns and is a Goodwill Ambassador for the United Nations' Environment Program, helping to launch safe water initiatives and anti-foresting movements.
The mansion is reportedly environmentally friendly with energy-saving lighting, rainwater recovery systems, waste reduction and recycling programs, energy-efficient appliances and sustainable building materials.