The singer had previously been renting a home in L.A. for nearly $100,000 per month

Justin Bieber has a new home!

A real estate source confirms to people that the "Sorry" singer purchased a five-bedroom, seven-bathroom home in Beverly Hills, California, for $8.5 million. The 6,132-square-foot property was originally listed for $8.995 million.

The home, nicknamed "The Tropics," was built in 1932, but underwent an 18-month remodel in 2017 that imbued it with its current mix of Hollywood glamour and casual California style, the source says.

Inside, the house boasts white-oak floors and kitchen cabinets, as well as large steel-case window frames. Downstairs, it's outfitted with an Art Deco bar and a screening room that's inspired by the nearby Beverly Hills Hotel.

Credit: Hailey Bieber/Instagram

Outside, the home features an infinity edge pool and a cabana enclosed by olive trees.

"This is a very unique property," the source adds. "The old Hollywood feeling was preserved and mixed with more modern accents to create this sophisticated home. The details of the home are stunning. The white oak floors and kitchen creates a very clean feeling. The house is airy, open and has a beautiful garden."

2017 Aces Charity Celebrity Basketball Game
Credit: Shareif Ziyadat/Getty

Bieber's purchase comes on the heels of a few large real estate moves over the past year, following his secret wedding to Hailey in N.Y.C in September.

In October, a source told PEOPLE the couple was renting a Spanish contemporary home in Toluca Lake for close to $100,000 per month. The house was recently listed for sale for $8.5 million, but, per the source, Bieber asked for a month-to-month rental contract instead of opting to purchase the home.

Credit: Justin Bieber/Instagram

That same month, the couple was spotted touring Demi Lovato's home in Hollywood Hills, which she put on the market after suffering an overdose at the property in July.

Lovato listed the home for $9.45 million with David Parnes and James Harris of The Agency in early September, but dropped the price by $500,000 to $8.995 million only a few weeks later.

"Her house is up for sale," a source told PEOPLE in September. "She's getting healthy and putting the past behind her."

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Earlier this month, Bieber opened up about his mental health struggles in a candid Instagram post, sharing a photo of himself praying next to manager Scooter Braun and Kanye West.

"Just wanted to keep you guys updated a little bit hopefully what I'm going through will resonate with you guys. Been struggling a lot. Just feeling super disconnected and weird," he wrote.

However, he went on to assure his fans that he has faith he will rebound quickly.

"I always bounce back so I'm not worried just wanted to reach out and ask for your [sic] guys to pray for me. God is faithful and ur prayers really work thanks .. the most human season I've ever been in facing my stuff head on," wrote Bieber.

"It was a big step for him to do that," the source told PEOPLE at the time. "He was a little nervous about being public, but he also knows that his road to improvement comes with this level of honesty."

"Of course he is willing to take medication if he needs it," the source said, "but he also knows that taking care of his body and his soul and his spirit will help him in the long run."