Tyra Banks lands her next home project in Pacific Palisades

Supermodel, television host and celebrity home-flipper Tyra Banks has bought a Pacific Palisades home for a little over $3 million.

The 1949 traditional house, which has been owned by the same family for 70 years, is in the Bluffs area and in need of a makeover.

Banks, who in recent years has bought and sold a number of homes in the area, plans to do the same with this property following a major renovation. The four-bedroom, two-bathroom house will be transformed by the runway queen into a farmhouse-inspired beach cottage.

Set on a 6,300-square-foot lot, the single-story house is approached through a gated front patio. Within more than 1,600 square feet of interior are mosaic parquet wood floors, formal living and dining rooms, a sun room and a den with a rock-wall fireplace.

Sliding glass doors open to the landscaped backyard, where there’s a covered brick patio.

Banks, 45, beat out interest from well-heeled developers and others to land the property, which hit the market in May for $2.849 million and received multiple offers. It is her fifth purchase in the area over the last two years.

The budding real estate mogul began her career as a model before expanding into acting. She is the creator of “America’s Next Top Model,” which wrapped up its 24th season last year.

This year, she made her third appearance on the cover of Sports Illustrated’s annual swimsuit issue.

Steven Mortiz and Natasha Lahera of Sotheby’s International Realty were the listing agents. Heidi Lake, also of Sotheby’s, represented Banks in the deal.

neal.leitereg@latimes.com | Twitter: @LATHotProperty