People.com Lifestyle Home Cindy Crawford and Rande Gerber Purchase $10 Million Waterfront Miami Beach Home: Source The couple recently closed on a home on a celebrity favorite stretch of Miami Beach, a real estate source tells PEOPLE By Nicholas Rice Nicholas Rice Instagram Twitter Associate Editor, PEOPLE People Editorial Guidelines Published on January 5, 2021 01:43 PM Share Tweet Pin Email Photo: Jerod Harris/Getty Cindy Crawford and Rande Gerber are the proud new owners of a unique Florida home. The supermodel, 54, and her businessman husband, 58, have purchased a midcentury-modern house on a celebrity favorite stretch of Miami Beach for $9.6 million, a real estate source tells PEOPLE. The longtime couple, who share two children together — Kaia Gerber, 19 and Presley Gerber, 21 — recently closed on the 5-bedroom, 4.5-bathroom house, which boasts, nearly 4,000 square feet of living space. The home was built in the 1950s and sits on a lot with more than 100 feet of water frontage. Esther Percal of Berkshire Hathaway HomeServices EWM Realty was the buyer's agent, while Mirce Curkoski and Albert Justo of One Sotheby's International Realty served as listing agents. Cindy Crawford & Rande Gerber Celebrate 22nd Wedding Anniversary — and Daughter Kaia Makes a Cake Miami Beach. Getty The news of the pair's latest purchase comes 9 months after the sale of a home they own in Malibu, California, reportedly fell through. The couple found a buyer for the West Coast property at $6.5 million, but because of the ongoing COVID-19 pandemic, the buyers asked to back out, according to TMZ. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Crawford and Gerber reportedly told the couple that there would be no issues with canceling the sale of the home and the pair returned the deposit, the outlet added. They've made several other major real estate moves in recent years, including buying, renovating and selling another impressive Malibu property: a 5,254-square-foot estate on more than 3 acres. They purchased that property for $50.5 million, according to W magazine. PEOPLE confirmed they listed it for $60 million with Westside Estate Agency and Coldwell Banker back in 2016, before reducing the asking price to $50 million. The home reportedly sold in 2018 for $45 million. RELATED VIDEO: Kaia Gerber Channels Mom Cindy Crawford While Celebrating Her 18th Birthday in N.Y.C. The pair have also shared a beachfront villa next door to friend George Clooney in Los Cabos, Mexico. The adjoining properties were featured in Architectural Digest in 2013. They named the compound Casamigos, or "House of Friends," a moniker shared by the tequila company Clooney and Gerber co-founded and sold in 2017 for up to $1 billion, the New York Times reported at the time. "Our lives go back and forth," Crawford told AD of how they enjoy the homes. "We'll have cocktails at our place and dinner at George's, and vice versa." Clooney noted of the design, that he wanted the homes to "blend in" with their surroundings and "be something indigenous that would feel in harmony with the setting." Rande Gerber, Cindy Crawford and George Clooney on a trip to Ibiza, Spain. Cindy Crawford/Instagram Last May, Crawford and Gerber celebrated 22 years of marriage and Crawford marked the occasion with a throwback photo from their 1998 wedding. "Happy anniversary @randegerber! 22 years ago we went to the Bahamas with a group of family and friends to celebrate saying 'I do!'" she wrote alongside the sweet photo of her and Gerber feeding each other wedding cake. "I love you and the life we have together. Thanks for doing this thing called life with me—couldn't imagine doing it with anyone else. Here's to many more!" Gerber also posted his own tribute to his wife, along with an old photo of the two of them. "22 years ago I convinced @cindycrawford to fly away with me and I haven't let go since," he wrote. "Happy Anniversary 🙏❤️."