Cindy Crawford and Rande Gerber have bought a luxurious property in Miami Beach.

Cindy Crawford and Rande Gerber

Cindy Crawford and Rande Gerber

The married couple have reportedly purchased a coveted waterfront place on Miami Beach’s exclusive North Bay Road and they're now planning to renovate the million-dollar property.

A source told the New York Post newspaper's Page Six column: "They really enjoy building and renovating houses."

The loved-up duo will become neighbours to Karlie Kloss and Joshua Kushner, who bought a $23.5 million, eight-bedroom estate on North Bay Road earlier this month.

The move comes after the 54-year-old model recently put her Beverly Hills home on the market for $16 million.

The spectacular abode - which was previously owned by the likes of Ryan Tedder of OneRepublic and film producer Gregory Goodman - boasts five bedrooms and five bathrooms. The property was built in 1959 but has since been updated and restored.

Cindy admitted last year to making some changes to suit their specific needs.

The model - who has Kaia, 19, and Presley, 21, with Rande - said: "My husband is very, very picky about the cushion density and seat depth because he's taller.

"We've got it down now. We know the dimensions we like, so sometimes we just change the body style."

Meanwhile, Cindy previously claimed friendship has been the key to her marriage to Rande.

The catwalk star - who tied the knot in 1998, having previously been married to Richard Gere - said: "I think why Rande and I really work is that we were friends first.

"When you are with a friend, and you never did that, and you really showed your flaws from the beginning - I wasn't trying to impress Rande.

"He was late picking me up. I was like, 'You're late!' Like, I was yelling at him the first time I met him, which was good, because then when I yelled at him later on, he'd already seen that side of me."