Tom Cruise & Katie Holmes

Actor Tom Cruise, 44, has shelled out nearly $35 million for a new pad in Beverly Hills.

According to the Los Angeles Times, the traditional-style residence was built in 1937 and was originally 10,000 square feet, but was expanded four years ago and now boasts seven bedrooms and nine bathrooms.

The home, behind gates, sits on 1.3 acres. It has a long driveway, a tennis court and a pool.

For the last several years, the three-time Oscar nominee has been renting the current Beverly Hills mansion that he shares with wife Katie Holmes, daughter Suri, 1, and his adopted children with ex Nicole Kidman, Isabella, 14, and Connor, 12. However, that lease expires in 2008.

Real estate sources tell the LA Times that the new estate wasn't even on the market when Cruise made the offer.