The CBS head and wife Julie Chen have purchased the estate from the Microsoft co-founder.

CBS chairman and CEO Leslie Moonves and wife Julie Chen have purchased a beachfront Malibu estate from Microsoft co-founder Paul Allen for $28.8 million, according to the Trulia real estate blog.

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The five-bedroom, seven-bathroom house is next to the John Lautner house previously owned by Courteney Cox and David Arquette. The prime property on Carbon Beach is 5,794 square feet and marks a trade-up from their former digs, a three-bedroom, four-bathroom house on La Costa Beach.

Moonves also owns a condo in Pacific Palisades and a mansion in Beverly Hills.