The 'American Idol' host - who is dating 'Rock of Ages' star Julianne Hough - is thought to have paid within a few million dollars of the massive asking price with the deal agreed and set to close this week, according to gossip website

Ellen - who spent one season on the judging panel of 'American Idol' - and Portia have sold the property at a loss after spending $48 million assembling the huge estate.

They bought the $30 million 9,500-square-foot single-story house and spent millions more on the surrounding properties, before beginning extensive renovation work.

The home sits on 2.87 acres just off Coldwater Canyon - near the Santa Monica Mountains - behind gates on its own street and also includes two guesthouses totaling 15,000 square feet, a three bedroom house, and according to official listings "every conceivable amenity and state-of the-art security".

Portia previously revealed the pair fell in love with the property - which previously belonged at different times to Laurence Harvey, Joan Collins and 'Will & Grace' co-creator Max Mutchnick - when they went to watch a screening of Ryan's show 'American Idol'.

She told Architectural Digest: "We'd heard how beautiful it was and then we came over to watch 'American Idol'. We pulled into the driveway and we just knew before we even walked through the gate."

Iht 600x300px with button2