After moving out of the $3.6 million mansion he once shared with former wife Ashlee Simpson, Pete Wentz has plunked down $1 million on a new home in Studio City.

The Fall Out Boy rocker's new crib has three bedrooms and three bathrooms, and the 2,000 square foot property has a beautiful backyard for outdoor entertaining. Other amenities include a children’s playhouse, waterfalls and a koi pond, all of which his young son Bronx will undoubtedly love.

While this is definitely a downgrade from his old pad, it's still a stunner -- check out more pics in the gallery below!