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Chip and Joanna Gaines bought Cottonland Castle in Waco, Texas

Chip and Joanna Gaines bought the ultimate fixer-upper: a castle built in 1890!
Chip and Joanna Gaines
Chip and Joanna Gaines are onto the next project.Brook Christopher / FilmMagic
/ Source: TODAY

They’re already considered royalty when it comes to home improvement, but now Chip and Joanna Gaines are official: they own a castle!

Chip and Joanna Gaines castle
The castle was built 129 years ago.Cade Kegerreis, courtesy of Ashley Burgess Weist/ Kelly Realtors

The “Fixer Upper” duo have purchased a gorgeous historic home called Cottonland Castle located in their hometown of Waco, Texas.

“For nearly two decades, Chip and Joanna have admired the property as a hallmark of the Castle Heights neighborhood — they’ve even made past attempts to purchase it,” their spokesperson John Marsicano said in a statement shared with TODAY Home.

He confirmed their company, Magnolia, has purchased the property, which “is an iconic piece of Waco’s history.”

The German-style stone castle was built in 1890. According to the listing from Ashley Burgess Weist from Kelly Realtors, it has three bedrooms and three bathrooms with a total of 6,700 square feet.

Cottonland Castle, Chip and Joanna Gaines
The structure needs some work, but Chip and Joanna Gaines can handle anything!Cade Kegerreis, courtesy of Ashley Burgess Weist/ Kelly Realtors

It does need some TLC, though. The previous owner started working on some of the renovation, but the listing says there’s still much more to do to complete it entirely.

That being said, there are plenty of features that are worth preserving, including a 9-foot oak front door that weighs 400 pounds.

There are also rich mahogany wood accents as well as beautiful, diamond-shaped window panes that give the house a ton of character.

chip and
The house has so much character.Cade Kegerreis, courtesy of Ashley Burgess Weist/ Kelly Realtors

The home has eight fireplaces, including one made of carved French Caen stone and another of pink granite. While they need some work, there's no doubt they’ll be extra beautiful and cozy once they’re restored.

We can only imagine what this space will look like after the renovation.Cade Kegerreis, courtesy of Ashley Burgess Weist/ Kelly Realtors

And a covered outdoor area looks like it’ll be a lovely place to have dinner alfresco one day.

The castle even has a covered patio.Cade Kegerreis, courtesy of Ashley Burgess Weist/ Kelly Realtors

Marsicano said specific plans for the property have not yet been determined, but “one thing is for certain: (Chip and Joanna’s) efforts will focus on fully completing the home’s long overdue and well deserved restoration.”

Perhaps we’ll even get to see the home update progress on their new TV network. After the couple’s five-year run on HGTV with “Fixer Upper,” they announced in November they were in the early stages of creating a lifestyle-focused media network for Magnolia.

Either way, one thing’s for sure: We can’t wait to see what they do with this place!