Beyonce and Jay Z are no longer homeless -- at least in California. The power couple are renting a lavish $45 million mansion in the Holmby Hills area of Los Angeles.

According to Vanity Fair, the 20,000-square-foot home boasts five bedrooms, six bathrooms and several amenities. There are various living and dining rooms with wall-to-wall windows of views of their surrounding backyard. There’s also an indoor Olympic-sized swimming pool and jacuzzi. The backyard features a waterfall and formal greenery as well.

Interestingly, former Los Angeles Dodgers owners Jamie and Frank McCourt previously owned the property but sold it to a British billionaire for $45 million. But since the new owner is hardly there, he decided to put it on the market.

Jay Z and Beyonce are renting out the home for approximately $150,000 per month. Ironically, that's the same amount of rent they paid for their previous rental home in the same location they left behind earlier this year.

As for the reason they chose this property, TMZ reports it's because they think it would be a good place to raise Blue Ivy. With that spacious backyard and waterfall, the 2-year-old will certainly have plenty of room to run around and have fun.

Check out photos of Jayonce’s gorgeous California palace at TMZ.com.

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