Jennifer Lopez is buying this estate in Water Mill for...

Jennifer Lopez is buying this estate in Water Mill for $9.995 million, says a source close to the deal. (May 14, 2013) Credit: John Roca; AP

Jennifer Lopez is buying a three-acre Hamptons estate on the market for $9.995 million, a source close to the real estate deal says.

The eight-bedroom, 7.5-bath home is on a private cul-de-sac in Water Mill. It comes with a pool, pool house, outdoor shower, sauna, steam room and theater, according to the listing with The Corcoran Group.

The 8,500-square-foot house was built in 2004. There are three fireplaces, and for J.Lo's twins Max and Emme, a finished basement for play.

"She'll be in for summer at some point," the source said.

The current owners bought the house in 2005 for $5.695 million, according to real estate records. It was first put on the market in 2010 for $12.995 million. The price was reduced to $11.95 million in February 2012. It was cut again in August to its current asking price.

The house is also listed for rent, for $425,000 for the summer season, according to a real estate listing.

Lopez has visited the shingled, gambrel-style house. "She thinks it's a beautiful piece of property," the source said.

Neither Lopez nor the sellers of the property could be reached for comment.

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