The Palm Beach mansion formerly owned by John Lennon and Yoko Ono hit the market for $47.5 million.

Former Bear Stearns executive John Sites and his wife Cindy Sites are looking to sell the oceanfront property at 720 South Ocean Boulevard, according to the Wall Street Journal.

The late Beatle and his singer-songwriter wife bought the house for $725,000 in January 1980. Lennon was killed later that year, in December. Ono sold the property in 1986 for $3.15 million.

John and Cindy Sites paid $23 million for the seven-bedroom, 14,000-square-foot mansion in 2016.

The Spanish-style house dates back to around 1920, when it was designed by prominent architect Addison Mizner, according to the listing agent, Christian Angle of Christian Angle Real Estate.

The house, known as "El Solano", has a large oceanfront dining room, a library and a grand salon with a wet bar.

It sits on roughly 1.3 acres with a tennis court, two swimming pools, a three-car garage and a beachfront cabana.

Mr. Angle said the home has "all the grandeur you would expect of the 1920s," including elaborate hand-stenciled ceilings and coquina stone accents.