"Tom has long planned to leave L.A.," a source tells PEOPLE. "It's not the center of his life anymore"
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After selling his Beverly Hills mansion for a whopping $40 million, Tom Cruise is looking toward the Sunshine State for his next home.

The Mission Impossible star’s Los Angeles compound, which he shared with Katie Holmes during their six-year marriage, is currently in escrow after selling for $40 million, a real estate source tells PEOPLE. Cruise bought the property in 2007 for $30.5 million.

For his next home, the globetrotting actor is looking to continue planting roots in Florida, specifically in the city of Clearwater where Scientology s headquarters are located.

“Tom has long planned to leave L.A.,” says a source. “He doesn’t need to be there for work – he’s off doing movies all around the world. It’s not the center of his life anymore.”

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As for what he’s leaving behind, the Beverly Hills manor will not be easy to replace. The property boasts over 10,000 square feet and includes seven bedrooms, nine bathrooms, a motor court that encircles a large fountain, a children’s playground, lighted tennis courts with basketball hoops, a lap-length swimming pool and two large guests houses, according to previous reports. The buyer is multi-billionaire Leon Black, a New York-based financier, according to TMZ.

The real estate sale is just the latest property Cruise has unloaded in recent years. Last September, he sold another compound in the Hollywood Hills to Eva Longoria for $11.4 million, according to Variety.

The website also notes that the actor sold his nearly 2,200-square-foot apartment in New York City’s East Village for $3 million in 2013. His 298-acre ranch near Telluride, Colorado, remains on the market for $59 million.