Jennifer Lopez promotes her exclusive fashion and home collection for...

Jennifer Lopez promotes her exclusive fashion and home collection for Kohl's Department Stores in Uncasville, Connecticut. (Oct. 18, 2011) Credit: Getty Images

Jennifer Lopez is buying a 10,500-square-foot home in the Hamptons, a source tells Newsday's Valerie Kellogg.

The shingled seven-bedroom Water Mill residence is listed for $17,995,000.

"There's an accepted offer, and the contracts are out," says the source.

The home has views of the Atlantic Ocean and Mecox Bay. There's a pool pavilion with a separate spa on the two-acre property. The home's lower level, at an additional 3,350 square feet, contains a theater, wine room and playroom, presumably for Lopez's 3-year-old twins, Max and Emme.

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