According to the Los Angeles Times, Wood's former Spanish-style home was built in 1924 and was listed as a remodeling opportunity.
The 2,130-square-foot mansion features three bedrooms, two bathrooms and a front door that opens into a round foyer with British brewery cast-iron tile floor. The estate also boasts a guesthouse and office that is attached to a two-car garage, the source stated.
The 30-year-old actor has starred as Frodo Baggins in the "Lord of the Rings" movies and stars on the hit TV show "Wilfred." Wood is expected to be seen in more "Lord of the Rings" movies in 2012 with "The Hobbit: An Unexpected Journey" coming out and "The Hobbit: There and Back Again" coming out in 2013.
Wood put the house up for sale in August for $1.85 million after purchasing the home in 1999 from actor Dylan McDermott for $1.45 million the L.A. Times reports.
The average home price in Santa Monica is $816,000, according to Zillow.
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