Brad Pitt Quietly Lists Longtime L.A. Compound for $40 Million: Source

Brad Pitt is looking to let go of a Los Angeles property he's owned for nearly 30 years.

The Babylon star, 59, quietly listed the expansive property located in the Los Feliz neighborhood for about $40 million, a real-estate source confirms to PEOPLE.

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's reason for selling the 1.9-acre property is because he's "looking for something smaller" in the L.A. area.

The sprawling home is where he and 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 — before splitting in 2016.

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, such as their South of France estate Château Miraval.

In the midst of ongoing legal troubles with Jolie, Pitt has sparked a new romance with jewelry designer Ines de Ramon, 32. The couple rang in the New Year in Cabo San Lucas and enjoyed quality time together at the Mexican hotspot.

A source revealed to PEOPLE that the two are "dating and having fun. They have a good thing going on. There is no stress. Brad is enjoying it." The insider also added that Pitt "is not seeing anyone else right now" and is "very happy."

PEOPLE confirmed their relationship in November when a source close to de Ramon revealed the two have been "dating for a few months." They reportedly met through a mutual friend following her divorce from ex-husband, Vampire Diaries star Paul Wesley, earlier in 2022.

Pitt even brought his new love interest along to the premiere of his movie Babylon on Dec. 15, and afterward, a source revealed to PEOPLE that "Ines said that Brad is very sweet" and that Pitt "is clearly very into her, given he brought her to his premiere."