Chip and Joanna Gaines made a big investment in their latest fixer-upper project.

According to The Denver Post, the 1960s-built Colorado home that the reality stars are renovating on their latest limited series, Fixer Upper: Colorado Mountain House, was purchased for $5.5 million in 2024.

“It’s been on the market for a while, so it just feels like the timing is really right for me to potentially make a really good deal on this property,” Chip said during the premiere episode on Dec. 9.

Despite the hefty final price tag, Chip did get a deal, public property records show. The home was previously listed for as much as $7.5 million, before being reduced to $6.5 million and then finally sold for $5.5 million.

In the series, Joanna, 47, shares how she plans to completely renovate the home’s interior by gutting both floors, along with reconfiguring the layout to create more bedrooms and relocate the kitchen. The goal is to update the home to suit their family of seven (plus visiting relatives!) while maintaining its midcentury charm.

The house boasts a spacious main house along with two cabins set on multiple acres, plus a trail that leads down to a scenic riverfront for fly fishing.

The Waco, Texas based-couple had fallen in love with Colorado over years of family ski trips and spring break vacations. Chip, 51, had been “casually” looking at real estate in the Rocky Mountains when he found the property, Joanna posted on Instagram on Dec. 9.

“From the moment we pulled into the long driveway, it immediately felt like we’d found far more than what we’d been looking for. It had good bones, the right square footage, but mostly, it felt like a home away from home,” she shared.

“While we knew that saying ‘yes’ to a major renovation project outside of Texas (our first!) would require being stretched beyond our comfort zone, we had a feeling taking on this fixer upper would be worth it in the end,” Joanna explained.

Throughout the limited series three-episode run (the finale airs Tuesday, Dec. 23), the Gaines family “navigate everything from creating spaces ideal for a multi-generational family gathering, to surprise visits from local wildlife, to uncovering unique architectural details,” according to a press release.

The Gaineses’ primary residence remains a farmhouse near Waco, where they have lived since before finding fame on HGTV with the original Fixer Upper series in 2013.

While Joanna has opened up in the past about her initial doubts about buying the 40-acre parcel as a young family, the pair have said many times since it’s their forever home. Over the years, they have expanded the footprint to fit their growing family and even hinted they look forward to welcoming their future grandkids there.

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Fixer Upper: Colorado Mountain House airs Tuesdays at 9 p.m. ET on Magnolia Network and HGTV, and will stream the same day on HBO Max and discovery+.