Amid the growing fears that the housing market could be facing a double-dip recession, there are reports that Tom Hanks and Rita Wilson have purchased a house in the Pacific Palisades for about $26 million. The 14,500-square-foot contemporary home, built in 1996, was formerly owned by Kathleen Kennedy and Frank Marshall. Featuring 4 bedrooms and 5 bathrooms in two levels of living space and three levels of support space, the house is highlighted by the beautiful Pacific Palisades backdrop, near Malibu and Santa Monica.

Via: Gather/Hip Celebrity