After years of real estate struggles, the superstar couple picked up another major property shortly after buying in Bel Air

Beyoncé and JAY-Z picked up a mansion in Bel Air for $88 million at the end of August, but now, a source confirms to PEOPLE the pair have purchased a second impressive pad: a $26 million waterfront estate in the Hamptons.

The price tag, which the source notes is not yet finalized, may not seem like much of a bargain, but they note, "the property has been on the market for years" and as a result, "JAY-Z and Beyonce got a very good price."

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Coming in at 12,000 square feet with 7 bedrooms and 9 baths, the palatial home, which was listed with Lori Schiaffino of Compass, will have more than enough room for the couple, daughter, Blue, 5, and twins Sir and Rumi, 3 months. Its 2.1-acre lot overlooks a scenic pond and sits near a large nature preserve. "The infinity-edged pool and spa overlooks the pond," the source says, and "the impeccable garden features fruit trees and lush lawns."

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The home is also perfect for entertaining, with plenty of grand features sure to leave an impression on guests. "The gorgeous house features parque de Versailles floors throughout, that were created and installed by French craftsmen," the source continues. "There are several 18th-century French Louis XV carved stone fireplaces."

The superstar couple have been spending most of their time in Los Angeles, moving to the West Coast from New York City in 2015. But they struggled to find a suitable home, even with a budget of $100 million. They had been living in a string of luxury rentals, including a Malibu mansion after the twins were born, before finally discovering their perfect permanent home in August. The six-building compound, which comes in at 30,000 square feet, was originally on the market for $135 million.