Ryan Phillippe selling estate

Actor Ryan Phillippe recently placed his Sunset Strip-area home in Los Angeles on the market for $7.45 million.

The actor, who is known for his roles in the movies "Cruel Intentions" and "I Know What You Did Last Summer," hopes to soon be packing up his 7,600-square-foot mansion, which he bought in 2008 for about $7.18 million. Phillipe purchased the home after his divorce from actress Reese Witherspoon.

The house features a master suite that spans an entire level, five bedrooms and seven bathrooms, according to the L.A. Times. In addition to many other amenities, Phillippe's estate also includes a gym, media rooms, sauna, swimming pool and outdoor kitchen.

Phillippe got his start in the early 1990s, appearing in the soap opera "One Life to Live." After this appearance, he started receiving other roles including "Cruel Intentions" in 1999 and "Flags of Our Fathers" in 2006 .

The 37-year-old actor is currently in production for three movies set to be released in 2012, according to IMDB.

Producer David Anderle also placed his home, which is in the same area as Phillippe's, on the market recently. The price tag on Anderle's property is $4.75 million, the L.A. Times reported.