The 67-year-old recently listed the home on Islesboro, an island off the coast of Maine, for 5 million dollars (£3.6 million), according to the Portland Press Herald.
The couple bought the home shortly after their 1991 wedding and turned it from a “very dark and sombre” house into a bright family home for their soon-to-be-born son, Jett, according to a 1999 feature in Architectural Digest.
Built in 1903, the 10,830 sq ft home has 20 bedrooms and sits on a 48-acre estate along the ocean.
Travolta told Architectural Digest that he and Preston bought the home after visiting actor Kirstie Alley at her home on the island.
Preston died at the age of 57 last year following a two year battle with breast cancer that the family had chosen to keep private.
Their eldest child Jett died aged 16 in 2009 after suffering a seizure at the family's vacation home in the Bahamas.
During the course of their marriage Travolta and Preston also welcomed daughter Ella, 20, and son Benjamin, 10.
The two-time Oscar nominee recently teamed up with his daughter for a Super Bowl advert where they paid homage to his dancing in the iconic role of Danny Zuko in 1978 classic Grease.
In the ad for Scotts Miracle-Gro, Ella was seen instructing her frustrated father on how to set up his phone on a tripod before breaking out into the Born to Hand Jive dance choreography he originally did with Sandy co-star Olivia Newton John.
With additional reporting by PA.
Watch: John Travolta dances with daughter for Super Bowl ad