The 56-year-old actor has finally offloaded the Californian property - which he owned with ex-wife Robyn Moore Gibson, who he divorced in December 2011 - for more than $5 million less than the former couple first expected to make for the abode after it was listed on the market for $14.5 million in March 2010.
Multimillionaire reality TV producer Mike Fleiss - who is responsible for creating 'The Bachelor' and 'The Bachelorette' - has purchased the six-bedroom property, which has been described as an "old world hacienda", after selling his own Malibu home for $6 million, the Los Angeles Times reports.
The 48-year-old entertainment mogul, who is known as the "Reality TV King", will no doubt enjoy screening the results of his hard work in the mansion's media room, while recently divorced Mike might like to use the home's two-story entertainment pavilion, lighted tennis court or swimming pool to unwind.
Mike will be able to keep off any rare Malibu chills thanks to the home's several fireplaces and hardwood floors, and he will have plenty of room to house his showbiz friends for the night in one of three-self-contained guest houses.
As well as the abode's five-and-a-half bathrooms, the master suite boasts two walk-in closets, a sitting room and its own fireplace.
Mel and Robyn - who tied the knot in 1980 - purchased the property from singer-songwriter Rick Springfield and his wife Barbara in 1989 for a mere $3 million.