The couple closed on a $9.5 million residence in Hidden Hills, California on Monday, PEOPLE has confirmed.
Nestled within a gated community, the modern farmhouse-style residence was built in 2019 and offers six bedrooms and nine bathrooms within its 11,748 square feet of living space.
The listing touts that the two-story estate gives "a fresh take on luxury country living" characterized by its warm tones, maple floors and high ceilings.
The stunning open plan property also boasts a two-story foyer, a formal living and dining room and a chef's kitchen with white oak cabinetry, high-end appliances, marble counters and its own butler's pantry.
Upstairs, the tranquil master retreat has its own fireplace and dual bathrooms.
Additional amenities on-site include a temperature-controlled walk-in wine cellar, gym and movie theatre.
The backyard is complete with a pool and spa, fire pit and barbecue area that overlooks the picturesque hills.
A representative for the listing agent Tomer Fridman of Compass did not immediately respond to PEOPLE's request for comment.
Variety was the first to publish news of the pair's purchase.
Loughlin, 56, and Giannulli, 57, were represented by Arvin Haddad of The Agency, who recently helped them sell the Bel-Air property. Representatives for the couple and also Haddad did not immediately respond to PEOPLE's request for comment.
While for most a $9.5 million mansion would not be seen as a downsize, it is a significantly lower price tag than their last property in Bel-Air.
However, they did not end up getting that price. In July, Million Dollar Listing: Los Angeles star Josh Flagg told Extra that his client had purchased Loughlin and Giannulli's Bel-Air property for $18.75 million.
"They are still making money from the sale, just not as much as they hoped for," a source told PEOPLE last month. "The house is spectacular with views of the Bel-Air Country Club."
RELATED VIDEO: Lori Loughlin and Mossimo Giannulli Agree to Plead Guilty in College Admissions Case
They purchased the estate in 2015 for just under $14 million and went on to use the property as collateral for their $2 million bail for fraud charges.
Although the couple put their mansion on the market in the midst of the scandal, a source previously told PEOPLE that they were in no rush to make a sale and would take their time to find the right buyer.
“They don’t need the money,” the source said at the time. “They are stressed about a lot of things, but money isn’t one of them.”
Another insider previously noted, “Mossimo has been buying, refurbishing and renovating and selling houses for over 20 years.”
The Full House actress and her husband became embroiled in the high-profile scandal when they were accused of paying $500,000 to falsely designate their daughters Olivia Jade Giannulli, 20, and Isabella Rose Giannulli, 21, as recruits to the University of Southern California crew team, even though neither of them ever participated in the sport.
On May 22, Loughlin confessed to one count of conspiracy to commit wire and mail fraud, while Giannulli, 57, pleaded guilty to one count of conspiracy to commit wire and mail fraud and one count of honest services wire and mail fraud.
Under the terms of the deal, which is still pending the judge’s approval, Loughlin agreed to serve two months in prison (though the coronavirus pandemic could affect that time), pay a $150,000 fine and do 100 hours of community service, while Mossimo agreed to serve five months, pay $250,000 and do 250 hours of community service. Both could also spend two years on supervised release.
Their sentencing has been scheduled for Aug. 21.