Beyonce and Jay Z
Beyonce and Jay Z are reportedly renting a Holmby Hills estate for $150,000 per month Ed Mulholland-USA TODAY Sports

After having to leave their last Californian mansion, Beyonce and Jay Z have finally found their dream home. The married couple are said to be renting a $45m (£29.4m) mansion in Los Angeles where they hope to raise their young daughter Blue Ivy.

TMZ reports that the Drunk In Love collaborators have moved into the Holmby Hills property previously occupied by LA Dodgers owner Frank McCourt who sold the mansion to a "British billionaire" in 2014. It is believed the new owner hardly spends time in Los Angeles so decided to put the vacant property on the market to lease for a reported $150,000 a month.

Sources, who are said to have helped Beyonce, 34, and Jay Z, 45, move into the property at the beginning of October 2015, claim the couple have signed a one-year lease. According to the publication, the property spans 20,000sq ft, boasts an Olympic-sized swimming pool, five bedrooms, six bathrooms, formal gardens and an outdoor pool complete with a waterfall.

The musicians also own an apartment in the Tribeca area of New York, which has been their base for many years, but reportedly want to move to Los Angeles permanently as they believe it is best for three-year-old Blue, who is said to have been enrolled into a preschool costing $15,000 per year.

Beyonce and Jay Z
Beyonce and Jay Z are reportedly keen to raise their daughter Blue Ivy in Los Angeles REUTERS/Lucy Nicholson

Beyonce and Jay Z relocated to Los Angeles in February 2015 when they began renting another estate in Holmby Hills. However, they were forced to leave the mansion in September 2015 when the owner of the property decided to sell-up. It was reported that the Grammy-winners did not want to outbid the other buyer who reportedly offered $35.5m.

As well as raising their daughter, it is thought Beyonce is keen to remain in LA to pursue her acting career. In June 2015, reports claimed the Flawless singer was in talks to play a superhero in an upcoming Marvel movie.