Tom Cruise & Katie Holmes (L)

Tom Cruise and Katie Holmes have added to the star power of California celebrity town Montecito by buying a $3.5 million estate there.

The couple bought the three-acre property, with existing building plans for a lavish home, from Rob Lowe and his wife Sheryl, according to Web site CelebrityBabylon.com.

The Cruises' new compound is just down the road from Oprah Winfrey's breathtaking $50 million home.

Cruise made headlines with Winfrey in 2005 when he jubilantly bounced on the talk-show queen's sofa after declaring his love for actress Holmes on her Oprah show.

Now he can pop around and hop on Winfrey's furniture any time he pleases.

Montecito has long been considered one of California's celebrity enclaves--Ellen DeGeneres and Portia De Rossi, former Seinfeld star Julia Louis-Dreyfus and Kirk Douglas are among the stars who call the seaside town home.

According to CelebrityBabylon.com, the property the Cruises have bought isn't much to look at now, but planning permission granted to Lowe means the couple can build a dream home on the site with few restrictions.