Mariah Carey and Nick Cannon are all set to celebrate their first wedding anniversary as the owners of one of Los Angeles' most prestigious homes, according to reports.

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The pop pair have put in an offer to buy the Saperstein Estate in Holmby Hills, after spending the past three months house hunting in California.

The palatial pad has reportedly been on the market for months at a whopping $125 million. It is not known what Carey and Cannon are paying for the place.

The French Chateau-style mansion was bought by David and Suzanne Saperstein in the early 1990s. The former society couple spent five years renovating the home, which they dubbed Fleur de Lys.

Reports suggest the mansion has become a mini-palace with Italian marble walls, French limestone floors, gold-embossed leather wall coverings and gold-leaf crowned mouldings.

The lavish home features a ballroom with ceiling frescoes, a library with a first-edition book collection, two kitchens and a screening room with seating for 50. There's also a three-bedroom manager's house, staff quarters for 10, a nine-car garage and even a private jogging track.

A source close to Carey and Cannon, who wed at the pop superstar's Bahamas home in Eleuthera last April, says, "They like the home because there's so little that needs doing to it."

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(This news article provided by World Entertainment News Network)