Entertainment mogul David Geffen has purchased a two-acre East Hampton estate by the ocean for $70 million.

Geffen, who, among other business ventures, founded DreamWorks SKG with Steven Spielberg and Jeffrey Katzenberg, confirmed the purchase in an email to Newsday.

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The property sits on the same street as the 6.4-acre spread that sold earlier this year for $110 million, the second-largest sale in Hamptons history. It had been owned by the late Josephine Chaus, chairwoman and cofounder of the clothing brand Bernard Chaus Inc.

Chaus purchased the estate in 1992 for $5.15 million, according to public records.