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Leonardo DiCaprio lists his long-time Malibu pad

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The beachfront house is asking $10.95 million

The Malibu home that actor/director Leonardo DiCaprio has owned for almost two decades is on the market. The oceanfront house sits on Carbon Beach, nicknamed Billionaire’s Beach because of the neighborhood’s supremely wealthy residents.

The three-bedroom, two-bathroom house has been "meticulously remodeled," says the listing, and includes a large deck with a spa that overlooks the waves. The modest, two-story house has sliding doors out onto the deck, wood floors, and a terrace off the master bedroom upstairs. The listing was first reported by LAist.

It’s not a total surprise that DiCaprio is selling the property; Variety noted in 2015 that the house was being leased—for a peak-season summer rate of $50,000 and for $23,000 the rest of the year. DiCaprio bought the house in 1998 for $1.6 million, but it was rumored his mother was the one who was living there on at least a semi-regular basis.

Watch: The story behind the Wave House