Michael Jackson's estate has just purchased the 12,670-square-foot Calabasas villa that the Jackson children and family matriarch Katherine Jackson had been leasing at a jaw-dropping $26,000 a month. (It wasn't even on the market, though it had previously been listed at $11.5 million.) Located in the gated, the LA Times reports the celeb-filled The Estates at The Oaks of Calabasas, the seven-bedroom, 11-bathroom Mediterranean-y main residence has an elevator, a home theater, and mountain views. There's also a guest house larger than most new studio apartments (600 square feet) and a putting green mound in the backyard. That selling price was $10.75 million.