HGTV Shells Out $3.5 Million for' Brady Bunch' House — Which They Will 'Restore' to '1970s Glory'

UPDATE: On Friday, HGTV officially closed on the home for $3.5 million, which is nearly double the listing price of the home, Us Weekly reports.

The Brady Bunch home is off the market, and HGTV is its mystery buyer!

On Tuesday, during an earnings conference call, the network announced they had the winning bid for the iconic California house, which served as the facade of Mike and Carol Brady’s home on the beloved sitcom from 1969 to 1974.

“I am excited to share that HGTV is the winning bidder and will restore the Brady Bunch home to its 1970s glory as only HGTV can,” Discovery Inc. CEO David Zaslav said on the call.

“More details to come over the next few months, but we will bring all the resources to bear to tell safe, fun stories with this beloved piece of American TV history,” he added.

According to the Hollywood Reporter, the CEO did not reveal how much they paid for the 2,500 square-foot home, but it was listed for $1.88 million with Douglas Elliman and incited a bidding war between multiple buyers, including former ‘NSYNC member and current TV host Lance Bass.

On Saturday, Bass shared that he was “heartbroken” because he believed he had placed the winning bid on the home but was bought-out by a large corporation after rumors swirled that developers wanted to buy and demolish the house. Bass said his bid was “WAY over asking price,” but was informed after the final deadline that there was another client who wanted to purchase the home.

“This was a dream come true for me and I spent the night celebrating amongst friends, family, and fans alike,” the singer wrote on Instagram. “The next day, due to ‘unforeseen circumstances’ the same agent informed us that there’s another Corporate Buyer (Hollywood studio) who wants the house at any cost. We were prepared to go even higher but totally discouraged by the sellers agent, they will outperform any bid with unlimited resources.”

“How is this fair or legal??” Bass continued. “How can I compete with a billion dollar corporate entity? I truly believe I was used to drive up the price of the home knowing very well that this corporation intended on making their offer and it’s not a good feeling. I feel used but most importantly I’m hurt and saddened by this highly questionable outcome. I just hope it is not demolished. Thanks for all the love and support. #CrushedDream #ShadyAF #DouglasElliman #ShadyBrady”

According to the listing, the home, located at 11222 Dilling Street in Studio City, California, is reportedly the second most photographed house in the U.S. after the White House. It first appeared in the second-ever episode of the show, and was seen in every episode after.

After realizing it was HGTV that outbid him, Lance Bass tweeted a sweet response in favor of the network purchasing the home. “HGTV??! Aw man,” Bass wrote. “I’d be pretty upset if it were anyone else, but how can you be mad at HGTV?? My television is stuck on that channel. Kudos HGTV, I know you will do the right thing with the house. That was always my biggest worry. I can smile again.”

HGTV did not immediately respond to PEOPLE’s request for comment.